Investing app Robinhood has brought its commission-free cryptocurrency trading service to 8 more U.S. states.
The added states are Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont, according to an announcement Thursday. The additions bring the total to 47 U.S. states, where Robinhood Crypto now operates.
“We’ll continue expanding to more,” said the firm. Robinhood currently offers trading in 7 cryptocurrencies, including bitcoin (BTC) and ether (ETH).
Robinhood has also hired a new head of crypto, Sina Nader, who will oversee the firm’s crypto business and focus on its “cold” storage custody system to keep the platform secure. Nader was previously a director of private investment cryptocurrency firm CryptoLux Capital, according to his LinkedIn profile.
He has also worked with Credit Suisse and Morgan Stanley, per the profile. As an associate at Credit Suisse, Nader manager a $100 million portfolio of equities, derivatives and alternative investments, according to the profile.
“We’re also thrilled to welcome Sina Nader as our Head of Crypto,” Robinhood said, adding: “With an extensive background working in both the crypto industry and at some of the world’s leading banks, Sina brings valuable experience from roles that span the financial system.”
Robinhood initially launched the cryptocurrency trading service in Feb. 2018. It also operates in New York, having received a BitLicense earlier this year. The firm also recently won a nod from the UK Financial Conduct Authority (FCA) to operate in the country. According to Thursday’s announcement, Robinhood also offers insurance on its clients’ cryptocurrency holding through a policy underwritten by “certain underwriters at Lloyd’s.”
Robinhood, unlike retail cryptocurrency exchanges, doesn’t charge a fee to trade cryptos.