The latest territories added to Robinhood’s crypto offerings include the United States Virgin Islands and Puerto Rico. In May, $7.1 billion worth of cryptocurrency was traded through the popular trading platform. This expansion underscores Robinhood’s commitment to enhancing its crypto services amidst a volatile market, positioning itself ahead of competitors like Coinbase and Kraken in terms of accessibility and offerings.
Robinhood’s strategic expansion comes at a time when some rivals, such as Binance, have faced regulatory challenges in the U.S. market. Despite a 30% decrease in crypto trading volume from April to May, with $86.8 billion transacted overall, Robinhood’s stock division continues to outperform its crypto arm. While Hawaii has seen regulatory improvements benefiting crypto businesses, obtaining a money transmitter license in Puerto Rico was crucial for Robinhood’s growth, while the US Virgin Islands presented fewer regulatory hurdles due to the absence of state-level cryptocurrency regulations.
In other news, recent developments in Germany’s BTC transfers are impacting the price of Bitcoin.
