Crypto innovators and entrepreneurs are plotting a path toward mass adoption by continuing to work with regulators.
Today, Menlo Park-based Robinhood has been granted a cryptocurrency license and a money transmitter license by the New York State Department of Financial Services (DFS). Over the coming months, Robinhood Crypto, which is currently available in over 30 states, will allow account holders in New York to buy, sell and store seven cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash and Litecoin.
Financial Services Superintendent Maria T. Vullo says,
“DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime.
Today’s approvals add to the growing list of responsible virtual currency providers who recognize and appreciate how a comprehensive regulatory framework fosters a competitive marketplace that benefits both consumers and industry.”
While the road to mass adoption for cryptocurrency has hit a number of snags and delays, efforts by US lawmakers and crypto innovators remain steady, with regulators and crypto entrepreneurs working together to lay critical pipelines and major on-ramps for a new digital economy.