Investment app Robinhood on Thursday announced the expansion of its crypto trading services to eight more states in the United States.
The new states to receive the services are Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont. With this addition, the platform is now offering digital asset trading in 46 states in the country, along with Washington, DC.
The company also holds BitLicense and offers trading crypto trading services in New York as well, which otherwise is a tough market to get in.
Meanwhile, the company also received green-light from the UK authorities to start operations in the country.
Known for its zero-fee trading services, Robinhood entered the crypto arena last year, offering similar commission-free services to the traders of the new asset class.
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The platform lists eight digital currencies, including Bitcoin, Ethereum, and Litecoin, and offers real-time market data tracking of another ten cryptocurrencies.
The platform also announced the hiring of Sina Nader as the new head of its crypto business in the country. He will oversee the crypto business of the platform and will also “focus on” Robinhood’s crypto custody platform.
Nader is a financial veteran and is involved in the decade-old industry for years. Prior to his role at Robinhood, he was the director at CryptoLux Capital, a crypto-focused private investment firm.
Creating the trend in trading
Robinhood is among the first companies to bring commission-free trading in the market. The popularity of the platform forces big industry names, including Charles Schwab and TradeStation, to roll out similar services to their clients.
The company is also well-strapped after raising $323 million in a Series E funding round, putting the valuation of the company at $7.6 billion. Though the company was exploring the idea of listing its stocks publicly last year, it ditched the prospect of an initial public offering at the end moment.