Stock Brokerage App Robinhood Launches Crypto Trading

Robinhood, the stocks brokerage app, has begun today to enable access to BTC and ETH trading to its customers from 5 states  
22 February 2018   539

Today, users who pre-registered for Robinhood Crypto started receiving emails with invitations to participate in the trading of cryptocurrencies, stocks, and exchange-traded funds (ETFs) side-by-side on a single platform.

According to the company’s statement, the service will be available to users from California, Massachusetts, Missouri, Montana, and New Hampshire, though the company intends to expand into other states as it acquires more money transfer licenses, which are granted at the state level.

Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.

The platform achieved 1 million pre-registrations for less than one week. Currently, it has 4 million users, who collectively have achieved more than $100 billion in transaction volume.

Robinhood Crypto supports Bitcoin and Ethereum trading, although users can monitor and track market data for 16 cryptocurrencies, indicating that the company intends to expand it crypto asset offerings in the future.

Robinhood will not charge commission on crypto trading,  though prices will include trading fees charged by the underlying exchanges.
 

Coinbase to Issue New Statement

As reported, company says it was wrong about SEC approval of acquisitions of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC
18 July 2018   153

Vice President of Communications of Coinbase Rachel Horwitz denied the information that the company received approval from the Securities and Exchange Commission of the United States for a deal to buy brokerage companies. This is reported by Bloomberg.

It is not correct to say that the SEC and FINRA approved Coinbase’s purchase of Keystone because SEC was not involved in the approval process. The SEC’s approval is not required for the change of control application. Coinbase has discussed aspects of its proposed operations, including the acquisition of the Keystone Entity, on an informal basis with several members of SEC staff.
 

Rachel Horwitz

Vice President of Communications, Coinbase

On Monday, a spokesman for Coinbase said that the company received permission from the SEC and the Agency for Regulation of Financial Institutions (FINRA) to purchase Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC.

However, despite the refutation from Rachel Horwitz, Coinbase still intends to obtain a license to carry out brokerage activities.