Trading news

Robinhood establishes operation in Ohio; 25 more states to go

Robinhood establishes operation in Ohio; 25 more states to go
Oct 12, 2018 by Rico Wise

The cryptotrading project has recently made an announcement via its Twitter account that citizens of Ohio from now on are able to buy and sell various digital currencies with zero-fees using the Robinhood application. Some of the digital currencies that the application customers can buy and sell include BTC, ETH, LTC, BCH, ETC and DOGE.

Previously in October, the Robinhood received its launch in Rhode Island, Tennessee, and Arkansas. In the late September, the startup has also established its business in the state of Oklahoma, and before that, it has made its services available in Alaska.

Among other states that already take advantage of the zero-fee cryptotrading services brought by the Robinhood app there are Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.

Expansion to the state of Ohio comes at the time of the Robinhood’s announcement about the establishment of its unique clearing system, which had been in the making for nearly two years.

Before the introduction of this system, the cryptotrading application, which now can boast of a customer base of more than six million people, was dependent on a third party. As per the startup, establishing the project’s own clearing system was a join effort made by a crew of approximately 100 people. The cryptotrading project also needed licensing with various agencies, such as DTCC, FINRA, and OCC.

The new clearing system will reduce some of the fees, including the bank reversal commission. Before that, the reversal fee constituted a sum of 30 US dollars, which is now being cut to just 9 US dollars.

Linked pages

Related news

Related companies

Democratizing America’s financial system
Rating
402 of 454
American post-trade financial services company providing clearing and settlement services to the financial markets
Rating
403 of 454
FINRA is dedicated to investor protection and market integrity
Rating
214 of 454
OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets
Rating
392 of 454

Projects