According to an official Press Release from Robinhood Investments Platform, the trading app is set to go live in the UK following approval by the country’s Financial Conduct Authority (FCA). This is a critical milestone for the industry that Cryptocurrency market as the platform is poised to allow more UK-based prospective Crypto fans to conveniently invest in Digital Tokens.
The nod follows a policy statement that the FCA issued last month specifying that the agency is not focusing on regulating Bitcoin.
The FCA Approved The Launching Of The App
Robinhood offers an application that allows investors to invest in Cryptos and other traditional stocks via their desktops and mobile phones. According to official reports, The UK FCA has given the nod for the software to be deployed in the country; a factor that could imminently place the UK in the list of leading Crypto markets in the world.
UK-based Crypto evangelists need to note that the Robinhood app has been given the green light by the FCA in the premise that the platform acts as a broker between clients and the Token sellers.
The Platform Has A Strong Presence In The US
Robinhood International, which is a subsidiary of the US-based Robinhood has been offering its app-based Crypto investments services in the US since February 2018 when it launched Crypto trading services.
Soon after, the company became a member of the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority and is also authorized to operate by the U.S. Securities and Exchange Commission.
Early in the year, the New York Department of Financial Services (NYDFS) granted Robinhood with a BitLicense to commence operations in the State of New York a factor that puts the platform at a strong position to attract top Crypto investors in the US.
Robinhood Announced Plans To Enter The Market In January 2019
Robinhood plans to enter the UK Crypto economy were made public as the year commenced. Ahead of the FCA approval, the firm was recruiting personal to serve in different capacities such as marketing, user research, and operations.
In one case of a high-profile appointment, the company has recruited Wander Rutger the ex-head of treasury at money transfer service TransferWise. Wanders will now serve as both the Chief of Robinhood International and the President of the UK-business. His vast experience in savings app Plum Fintech is believed to be a fundamental asset that will set the London office on a growth path.
A Mission To Democratize Finance
The official statement states that Robinhood, through the approval, aims to “democratize finance” by allowing UK users to easily access assets such as Cryptos that have high rates of returns on investments.
The platform, according to its official website, proffers “commission-free cryptocurrency trading” for BTC and ETH. Additionally, the platform offers options and stocks.
The trading platform has advanced tools and features that allow traders to keep up with price movements, the latest investment news and more.
Meanwhile, reports show that Robinhood hit $323 million in the 5th crowdfunding series as it pushed to be listed through an IPO.