The United States Virgin Islands and Puerto Rico are the latest regions added to Robinhood’s service list. According to recent data from Robinhood, $7.1 billion worth of cryptocurrency was traded in May.
Robinhood, a popular trading platform, is expanding its crypto offerings within the US. This move comes at a time when the cryptocurrency market is experiencing significant turbulence, causing some competitors to struggle. Robinhood’s expansion signifies its commitment to growing its crypto services and highlights the evolving landscape of the U.S. crypto market.
With the inclusion of the United States Virgin Islands and Puerto Rico, Robinhood can now serve a wider range of U.S. territories. Users on the platform can trade fifteen different cryptocurrencies, including Ethereum and Bitcoin. This expansion positions Robinhood ahead of major competitors like Coinbase and Kraken in terms of U.S. accessibility.
### Strategic Expansion
Robinhood’s growth is particularly notable given the challenges faced by other businesses in the sector. For instance, Binance exited the US market due to regulatory constraints. This situation underscores the divergent paths of different platforms within the U.S. crypto environment.
Additionally, Robinhood reported that $7.1 billion worth of crypto was traded on its platform in May, marking a 30% decline from April. However, this data is not recorded by major aggregators. Despite this, Robinhood’s stocks division significantly outperformed its crypto business, with $86.8 billion transacted in May.
Regulatory improvements in Hawaii have eased operations for crypto businesses, while securing a money transmitter license in Puerto Rico was crucial for Robinhood’s expansion. The company faced no major regulatory challenges in the U.S. Virgin Islands, a jurisdiction that currently lacks state-level cryptocurrency regulations.
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