- Robinhood has opened its doorways to 4 new cryptocurrencies as a part of a deeper incursion into cryptocurrencies.
- Shiba Inu, Solana, Polygon, and Compound be a part of the unique listing of Bitcoin, Ethereum, and Dogecoin.
- The values of the newly added property climbed minutes after the announcement.
Robinhood’s over 20 million customers have the choice of interacting with 4 new cryptocurrencies on the platform. The large leap is coming days after the corporate introduced the activation of the cryptocurrency pockets to chose customers.
Robinhood Welcomes 4 New Belongings To The Household
Robinhood, a number one brokerage agency has added 4 new cryptocurrencies to its rising listing. In line with information gleaned from the platform’s web site, the chosen cryptocurrencies are the quadruple of Solana, Shiba Inu, Polygon, and Compound.
Earlier than a proper announcement was made, Robinhood created pages for every of the newly added property exhibiting charts and an “About” part for the cash. The pages had been additionally accompanied by a message telling customers that they will now purchase or promote the brand new property “commission-free”.
The providing of free commissions is one in every of Robinhood’s promoting factors because the platform shot to the limelight within the wake of the GameStop quick squeeze. The platform has since grown to over 27 million customers with income at an all-time excessive and the leap to cryptocurrencies threatens to make it a market chief.
Previous to the current listings, Robinhood supplied 7 cryptocurrencies together with Bitcoin, Bitcoin Money, Dogecoin, Litecoin, Ethereum, Ethereum Traditional, and Bitcoin SV. The platform held again from rising this determine by adopting a tentative method whereas it sought regulatory readability. “We’re going to be very cautious,” mentioned firm CEO Vlad Tenev.
For the reason that itemizing, SHIB surged by 35% inside hours to erase the losses from the droop from Monday. SOL and MATIC went on to file features of 4.91% and 5.79% respectively following the brand new itemizing.
Robinhood’s Clear Crypto Intent
Robinhood had been tilting in the direction of cryptocurrencies since 2019 with the broadly anticipated itemizing of a wider vary of property. The platform’s customers launched a petition for the group to listing SHIB in the direction of the tip of 2021 that went on to garner over 500,000 signatures.
Final week on the Bitcoin 2022 Convention, Robinhood introduced the launch of a cryptocurrency pockets for eligible customers of the platform. Forward of the disclosing, almost 2 million customers joined the waitlist for the pockets that’s billed to offer them the choice “to ship and obtain any of the cryptocurrencies presently out there on Robinhood.”
“Our purpose is to make Robinhood essentially the most trusted and best to make use of crypto platform,” mentioned Tenev. “We’re excited to carry even decrease prices to our prospects by integrating with the Lightning Community.”