Following reports from Reuters, Robinhood has finally been awarded trading lisence in New York for 7 cryptocurrencies among which include Bitcoin and six others.

As previously reported by Cryptoline News, Robinhood was launched more than a year ago with the aim of offering free cryptocurrency trading services.

The win for Robinhood will mean the state of New York will become it’s 31st state in the United Sates where the exchange will be offering its services.

It should be noted that New York has been one of the most tough states in the US when it comes to cryptocurrency related activities and has seen many cryptocurrency firms close their operations within the State.

This approval was made by the New York State Department of Financial Services (DFS) with Robinhood being awarded a money transmission license which now permits the exchange to offer services for Bitcoin, Ether, Bitcoin Cash, Litecoin among others.

“We’re delighted that Robinhood Crypto has been granted a virtual currency license and a money transmitter license in New York. This will complement the larger suite of investment services that New Yorkers already have access to on the Robinhood platform. The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York,” said Vlad Tenev, Co-Founder and Co-CEO of Robinhood Markets, Inc.

The Department of Financial Services is said to have awarded 16 cryptocurrency licences so far and it is forbidden to transact in cryptocurrency activities without a license

What are your thoughts on this new development?