September 20, 2020

Robinhood Gets UK Brokerage License

Robinhood Gets UK Brokerage License

Robinhood International, a subsidiary of the American financial company Robinhood Markets, received a brokerage licensed by the UK Financial Regulatory Authority.

The British branch of the company will be led by a formerWender Rutgers, Director of Payment Operator TransferWise. He commented on the news of the license: “Today marks the beginning of a new era for Robinhood. I am glad that we were able to take the first important step towards the launch of an investment platform for customers from the UK. I am proud to be part of the Robinhood team, a company that is expanding its business in the new international market. ”

The main product of the enterprise is an application forSmartphones Robinhood. With it, you can trade stocks of various companies and exchange-traded investment funds (ETFs) represented on US exchanges without a commission. The capital of the company is from $ 7 to $ 10 billion. The main source of income for the company are margin loans.

In January this year, the New York Department offinancial services granted Robinhood a license to trade cryptocurrencies (the so-called BitLicense). The company has listed seven digital assets (Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin and Dogecoin) and added a function to track the dynamics of 10 virtual currencies in the application. The option to purchase digital assets has become available to residents of 39 US states.