Robinhood Expands Services to New US Territories Amid Market Upheaval
- The United States Virgin Islands and Puerto Rico are the latest additions.
- Recent data from Robinhood reveals that $7.1 billion worth of crypto was traded in May.
The popular trading platform Robinhood has added additional US regions to its crypto offerings. This growth is happening when the cryptocurrency market is experiencing tremendous upheaval, which is causing some rivals to struggle. Robinhoods move to expand its services shows how serious it is about increasing its crypto offerings and reflects the shifting dynamics of the U.S crypto sector.
The United States Virgin Islands and Puerto Rico are the latest additions to the list of U.S. territories that Robinhood may now serve. Users may now trade fifteen different cryptocurrencies on the platform, including Ethereum and Bitcoin. In terms of accessibility to users in the US, this puts Robinhood ahead of big rivals like Coinbase and Kraken.
Strategic Expansion
When put in context with the difficulties encountered by competing businesses, the growth stands out. As an example, Binance left the US market because of regulatory constraints. Different platforms in the U.S. crypto environment have diverged trajectories, as this comparison highlights.
Moreover, recent data from Robinhood reveals that $7.1 billion worth of crypto was traded in May, a 30% decline from April. However, this data is not recorded by major aggregators. Regardless, with $86.8 billion transacted in May, Robinhoods stocks division well outpaced its crypto business.
While recent regulatory improvements in Hawaii have made operations easier for crypto businesses, securing a money transmitter license in Puerto Rico was necessary for the growth. Robinhood had no major regulatory challenges in the US Virgin Islands. A jurisdiction that does not yet have cryptocurrency rules at the state level.
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Read more: https://thenewscrypto.com/robinhood-expands-services-to-new-us-territories-amid-market-upheaval/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
