The post Robinhood Expands Crypto Trading To Three New U.S. Regions appeared on BitcoinEthereumNews.com.

Robinhood, the well-known trading platform, has made a significant move in the cryptocurrency market by expanding its digital asset services to new U.S. territories. This expansion comes at a time when the crypto landscape is undergoing rapid changes, with some competitors facing challenges. Robinhood’s decision to broaden its reach demonstrates its commitment to growing its crypto offerings and highlights the changing dynamics in the U.S. cryptocurrency market. Details of the Expansion and Market Context Robinhood Crypto has extended its services to three new U.S. territories: the U.S. Virgin Islands and Puerto Rico. This expansion allows users in all U.S. territories to trade 15 different cryptocurrency assets on the platform, including popular options like Bitcoin and Ethereum. This move puts Robinhood Crypto ahead of major U.S. competitors like Coinbase and Kraken in terms of availability to U.S.-based customers. The expansion is particularly noteworthy when compared to the challenges faced by other players in the market. For instance, Binance which had exited the U.S. market due to regulatory pressures. This contrast underscores the diverging paths of different platforms in the U.S. crypto landscape. While Robinhood’s crypto trading volumes are not tracked on popular price aggregators, the company’s recent data shows $7.1 billion worth of crypto traded in May, a 30% decrease from April. Despite this, Robinhood’s crypto business remains smaller than its equities business, which saw $86.8 billion traded in May. The expansion required obtaining a money transmitter license in Puerto Rico, while recent regulatory changes in Hawaii have eased operations for crypto firms. In the U.S. Virgin Islands, where there are currently no state-level cryptocurrency regulations, Robinhood faced no significant regulatory hurdles. Also Read: Analyst Forecasts Solana Rising To Third In Market With ETF Hype; Buy Now? Robinhood’s Strategic Moves and Industry Developments Beyond its territorial expansion, Robinhood has made strategic…

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Filed under: News - @ July 2, 2024 8:20 pm