Not long after, Robinhood’s official blog unveiled confirmation of the new digital assets now accessible on their platform.
Fresh Crypto Additions Shake Up the Scene
- Joining Robinhood Crypto’s trading lineup are four fresh tokens: SHIB (Shiba Inu), SOL (Solana), MATIC from Polygon, and Compound’s COMP. This move broadens the platform’s crypto portfolio aimed at enthusiasts.
- In just the last hour, SHIB’s value shot up roughly 7%, according to CoinGecko stats, showcasing strong market appetite. As Robinhood’s second meme token after Dogecoin (DOGE), SHIB joins a spirited club. Meanwhile, COMP climbed by 6.6%, MATIC gained 3.5%, and SOL nudged up 2%.
- “Putting safety front and center,” Steve Quirk, Robinhood’s Chief Brokerage Officer, explained in the company blog that a solid, cautious framework underpins their asset-approval process. Their goal remains a secure and insightful crypto trading experience.
- While users can immediately trade these tokens via the Robinhood app, Quirk clarified that crypto deposits and withdrawals won’t roll out right away.
- This rollout follows last week’s milestone when Robinhood flipped the switch on its crypto wallet, enabling roughly two million users to transfer digital assets directly within the app.
Context and Background
Last year, chatter swirled around Robinhood potentially expanding its crypto offerings, but CEO Vlad Tenev emphasized a wait-and-see approach, holding out for clearer regulatory guidelines before broadening the selection.
Current Crypto Landscape on Robinhood
At present, Robinhood supports seven well-known cryptocurrencies, including giants like bitcoin (BTC) at around $111,324.27, ethereum (ETH), and dogecoin (DOGE) priced near $0.2076.
Snapshot of Market Data:
- BTC price: approximately $111,324 (as of early April 2024)
- ETH remains a pivotal asset in trading volumes
- DOGE maintains steady popularity among meme coins
UPDATE (April 12, 13:01 UTC): Robinhood supplemented its announcement with a linked blog post and official statements addressing the newly listed tokens.
