Robinhood Markets Inc. added four new cryptocurrencies to its platform, including the Shiba Inu coin, a win for supporters who had long argued in favor of the joke token being available for trade.
The platform, popular with daytraders, has also added Solana’s SOL, Polygon’s Matic and Compound’s comp to its list of available trades in a potential appeal to users, which have ended the retail trading boom that has occurred during the outbreak of the pandemic lockdown. . The prices of all the tokens listed increased. Robinhood shares were up 4.6% as of 9:33 a.m. in New York.
“We are excited to add more options for our customers as we work to make Robinhood the best place to invest in cryptoRobinhood Chief Brokerage Officer Steve Quirk said in a blog post, “As a safety-first company, we have a rigorous framework in place to help us evaluate properties for listing, and we provide a safe and educational We are committed to the crypto platform.”
Robinhood users have long requested the brokerage to allow SHIB, as is known as Shiba Coin, to trade – with 550,000 in favor of the move in a Change.org petition launched last year. More signers have been seen.
The company has said that it carefully considers new coins added to its products – in addition to customer demand, its listing committee considers other factors including on-chain analysis, technology and security, as well as legal and financial variables – discusses.
Retail investors behind the push often cite another joke token, Dogecoin, in last year’s meteoric rise, with many domestic traders predicting that Shiba Coin will see similar success. Meanwhile, trading in SHIB has been volatile, with Coinmarketcap.com showing a drop of nearly 30% for the digital asset this year prior to the announcement. According to coinmarketcap.com, SHIB is up about 7% on Tuesday. Other cryptocurrencies also advanced, including bitcoin.
Robinhood has been active around its crypto offerings in recent days – last week, it announced the rollout of its cryptocurrency wallet, which gave access to the more than 2 million customers on the product’s waiting list. Bloomberg reported that the wallet enables users to interact with crypto outside Robinhood’s trading platform, including allowing them to purchase non-fungible tokens. The product was first announced in September, with Robinhood chief executive Vlad Tenev stating that such wallets were in high demand among customers.