U.S. Markets closed

Robinhood Crypto expands to 8 more US states, bringing the total to 47 states

Yogita Khatri

Investment app provider Robinhood has brought its commission-free cryptocurrency trading service to 8 more U.S. states.

The added states are Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont, according to an announcement Thursday. The additions bring the total to 47 U.S. states, where Robinhood Crypto now operates.

“We’ll continue expanding to more,” said the firm. Robinhood currently offers trading in 7 cryptocurrencies, including bitcoin (BTC) and ether (ETH).

Robinhood has also hired a new head of crypto, Sina Nader, who will oversee the firm’s crypto business and focus on its “cold” storage custody system to keep the platform secure. Nader was previously a director of private investment firm CryptoLux Capital, according to his LinkedIn profile. He has also worked with Credit Suisse and Morgan Stanley in the past, per the profile.

Robinhood initially launched the cryptocurrency trading service in Feb. 2018. It also operates in New York, having received a BitLicense earlier this year. The firm also recently won a nod from the UK Financial Conduct Authority (FCA) to operate in the country. Robinhood is well-funded, having raised $323 million in a Series E round earlier this year. It was also looking to get publicly listed through an initial public offering or IPO last year.