Robinhood (HOOD) Adds New Cryptocurrencies to Platform

Online brokerage Robinhood Markets, Inc. ( HOOD ) added four new cryptocurrencies to its trade platform on April 12, 2022, leading to excitement among cryptocurrency traders and holders. Robinhood Crypto now features Compound ( COMP ), Polygon ( MATIC ), Solana ( SOL ), and Shiba Ibu ( SHIB ), all top 100 cryptocurrencies on the CoinMarketCap ratings .

Key Takeaways

  • Online brokerage Robinhood (HOOD) added four new cryptocurrencies to its trading platform: Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).
  • The company offered the four new currencies alongside access to a new cryptocurrency wallet feature to more than 2 million customers on a waitlist.
  • The announcement led to a sharp price increase for Shiba Inu and more modest gains for Compound, Polygon, and Solana.

Why Robinhood Added These Cryptocurrencies

Robinhood is a commission-free deal chopine that offers stocks, exchange-traded funds ( ETFs ), options, and cryptocurrency invest and trading products. Robinhood already supported popular currencies including Bitcoin, Ethereum, Litecoin, and Dogecoin. With the four newly added digital currencies, Robinhood nowadays offers 11 unique cryptocurrencies on its platform.

According to a blog post from Robinhood, cryptocurrency customers have systematically requested a more across-the-board set of coins and tokens vitamin a well as the ability to send and receive cryptocurrencies outside of Robinhood. In the announcement, the company offered the four new currencies aboard access to a newly cryptocurrency wallet feature to more than 2 million customers on a waitlist .

What Happened When Robinhood Added SHIB and other Currencies

Shiba Inu holders and enthusiasts took to Twitter and other social media platforms to plowshare their excitement at the addition of Shiba Inu. Robinhood ‘s announcement besides led to a sharp initial price increase for the low-cost currency, which was up approximately 20 % and trade at $ 0.00002646 as of this write. Shiba Inu is the fifteenth largest currency by grocery store cap, with a total value of about $ 15 billion. Compound, Polygon, and Solana besides saw increases, but these were humble compared with Shiba Inu ‘s gains .

Cryptocurrencies Available at Robinhood

CoinMarketCap lists closely 10,000 digital currencies, and CoinGecko features listings for more than 13,000. While many are about worthless, the currencies available at Robinhood tend to be among the better known and more valuable currencies. here ‘s the complete list of cryptocurrency assets now available to Robinhood Crypto users :

  1. Bitcoin
  2. Ethereum
  3. Bitcoin Cash
  4. Compound
  5. Litecoin
  6. Solana
  7. Bitcoin SV
  8. Ethereum Classic
  9. Polygon
  10. Dogecoin
  11. Shiba Inu

Cryptocurrencies may receive a fortune of attention, but they ‘re placid a relatively belittled area for Robinhood compared to stock, ETF, and options products .

Finding Currencies Before They ‘re Added to Robinhood

While it may be valuable to know which currencies will be listed on major exchanges like Robinhood ahead of the news release, it ‘s improbable this information will be shared with individuals, as it would be akin to insider trade. alternatively, you can expect meaning public announcements like Robinhood ‘s recent mail .

Competitor Coinbase recently announced a new plan to share potential currencies that are being evaluated by the Coinbase team for potential addition. The roadmap for April 1 to June 30, according to the post, includes the likely to add 20 new Ethereum-compatible ERC-20 tokens and five Solana SPL-compatible tokens .

however, Coinbase besides intelligibly states that “ any asset not referenced in the tilt does not preclude any such asset from electric potential list, ” so there is no guarantee that you wo n’t see future surprises.

Always Consider the Risks When Investing in Digital Currencies

Cryptocurrency assets may not be appropriate for all investors, so it ‘s essential to do good inquiry and understand the risks before investing your own money. If you ‘re in doubt, it may be fresh to consult with a believe fiscal professional who can guide you on the most appropriate money and investment decisions for your unique needs.

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