Bitcoin Regulation

New Yorkers Can Now Use The Robinhood App; Buy Bitcoin With a Debit Card

Georgi Georgiev | Jan 25, 2019 | 12:00

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The New York State Department of Financial Services (DFS) has granted the BitLicense to cryptocurrency trading app Robinhood as well as LibertyX, which allows users to buy bitcoin with debit cards at regular ATMs. 

Robinhood Comes to New York

The New York’s DFS has officially approved a virtual currency license (BitLicense) and a money transmitter license to popular stock and cryptocurrency trading app Robinhood.

Per the license, Robinhood is now permitted to provide services involving seven different cryptocurrencies in the state of New York, which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform…”said Vlad Tenev, Co-Founder and Co-CEO of Robinhood Markets, Inc.

Robinhood is a popular stock market trading app, which introduced cryptocurrency trading in February 2018. The company is currently worth $5.6 billion with over 6 million users.

In September 2018, Bitcoinist reported that Robinhood has marketed itself as a low-cost alternative to similar apps while making millions selling users’ data to financial companies on the side.

‘First Debit Card Bitcoin Purchasing Options’

The other BitLicense was approved for LibertyX, which becomes the very first regulated company to let New Yorkers buy bitcoin from traditional ATMs.

Last year, the company announced a partnership with Genmega. There are over 100,00 Genmega ATMs throughout the US, where users can buy BTC with their debit cards.

Speaking on the matter, Chris Yim, co-founder & CEO at LibertyX said:

After an extensive review process, we are delighted to receive the blessing of the NYDFS (BitLicense) and offer the first debit card Bitcoin purchasing options to New York State residents.

The DFS has so far approved sixteen BitLicense applications, including Robinhood and LibertyX.

What do you think of the DFS granting BitLicense to both Robinhood and LibertyX? Don’t hesitate to let us know in the comments below!

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