Robinhood, a popular platform in the United States, has decided to add some new coins to its offering. Among them, Shiba Inu (SHIB) appeared. The price of the meme-coin has shortly moved up on this news.
A significant move
Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC) and Compound (COMP) are the four new coins that the Robinhood app has added to its offering. The first one is the popular meme-coin, which is one of the favorite assets of speculators, the second one is a competitor to Ethereum and at the same time a rapidly growing NFT space. The third, MATIC which is a tool for scaling the Ethereum network and finally the decentralized financial token COMP which has its own infrastructure for monetizing loans.
Thus, Robinhood’s offering has expanded to eleven cryptocurrencies. As Steve Quirk, Chief Brokerage Officer at Robinhood comments:
“We are excited to bring more options to our customers as we work to make Robinhood the best place to invest in cryptocurrencies. As a company that puts safety first, we have a rigorous framework in place to help us evaluate appropriate stocks for listing, and we remain committed to providing a safe and educational platform.”
The Shiba Inu community has long called for the addition of the memecoin to the app’s trading options. However, Robinhood representatives remained passive to the requests, suggesting that SHIB suffers from too much volatility, which would make customers very unhappy with their investment performance. Eventually they decided to change their minds, causing SHIB to make a crazy rally of over 35% at its peak on the day of the listing.
Shiba Inu is the second meme coin possible to trade on the app. Previously, it was permissible to buy Dogecoin (DOGE), which for a time remained the top most traded digital asset on Robinhood. Currently, it ranks sixth, with Bitcoin taking the clear lead.
Robinhood is a very popular application in the United States for trading not only cryptocurrencies, but also stocks. It is known, among others, for the famous event initiated by the users of Reddit’s WallStreetBets forum. They conducted a hunt for Whales in de industry which shorted the almost bankrupt GameStop company. By buying up the company’s shares they not only saved it from financial disaster, but also heavily depleted the accounts of many giants.
The announcement of the addition of the new coins came a week after Robinhood activated a cryptocurrency wallet for two million eligible customers.