U.S-based stock and crypto investing app, Robinhood, is on an expansion spree. According to its latest announcement, the platform is all set to expand its crypto-trading services to the U.S states of Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont.
The company was in the news yesterday after it announced the recruitment of Sina Nader as the new Head of its crypto-business in the country. Nader will be overseeing the custody system which is a core part of Robinhood Crypto.
The investment app provider’s cryptocurrency unit, dubbed Robinhood Crypto, will now be available in 46 states and Washington D.C as well. Additionally, Robinhood already holds a BitLicense granted by the New York State Department of Financial Services [NYDFS] and has been offering crypto-trading services in the state of New York from January this year.
The official press release said,
“As Robinhood Crypto continues to grow and serve more people, the safety of your coins and the overall business remains a top priority. Our custody system uses state-of-the-art cryptographic controls to provide a high level of security. Our cold storage, where we hold the majority of your coins, is built with systems that are entirely disconnected from the internet. This gives our custody system an additional layer of protection against breaches.”
Back in August, Robinhood had received the go-ahead from the UK Financial Conduct Authority [FCA] to operate as a broker. This development was touted as a critical step for the platform towards its goal of “democratizing finance” for all.
Robinhood, which launched last year, initially gained traction because of its commission-free crypto-trading feature. The company lets users buy and sell eight coins including Bitcoin, Ethereum, and Litecoin. In addition to that, Robinhood Crypto also enables users to track real-time market data for those and ten additional coins. In a Series E funding round earlier this year, Robinhood had secured $323 million.
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”