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Crypto Platform Robinhood expands to Hawaii, Puerto Rico, and the US Virgin Islands
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Crypto Platform Robinhood expands to Hawaii, Puerto Rico, and the US Virgin Islands

2024-07-02 by Ndaman Olayinka 3 minutes read
Crypto Platform Robinhood expands to Hawaii, Puerto Rico, and the US Virgin Islands

Robinhood has announced the expansion of its digital asset services to three regions in the United States, including Hawaii, Puerto Rico, and the US Virgin Islands.

The company needed to take important steps, like getting more licenses and understanding the intricacies of state regulations, according to the announcement. Robinhood demonstrated its commitment to improving compliance by changing the regulatory environment in Hawaii and obtaining a money transfer license in Puerto Rico. The Technology Development Corporation and the Hawaii Department of Commerce and Consumer Affairs played a key role in announcing a favorable regulatory environment for cryptocurrency companies. While cryptocurrency laws are still developing in places like the U.S. Virgin Islands, Robinhood has been able to effectively navigate regulatory obstacles and open the door for its users to trade internationally.

With this most recent development, Robinhood raises its profile above other industry titans like Coinbase and Kraken, particularly with regard to accessibility for customers located in the United States. Robinhood set itself apart from its competitors by releasing its cryptocurrency volume along with quarterly earnings, even though price aggregators like CoinGecko and CoinMarketCap might not show it.

Robinhood plans to solidify its presence on a global scale by extending its services beyond the shores of the U.S. and venturing into the European Union. A further indication of Robinhood's ambitious roadmap and dedication to becoming a dominant player in the cryptocurrency trading industry is the $200 million cash deal to acquire Bitstamp, a cryptocurrency exchange.

The Bitstamp acquisition is expected to close in the first half of 2025, but the journey ahead will be a long one, according to Johann Kerbrat, vice president and general manager of Robinhood's cryptocurrency unit.

Disclaimer: This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.