Abstract：On April 12, 2022, online stockbroker Robinhood Markets, Inc. (HOOD) added four new cryptocurrencies to its trading platform, causing enthusiasm among cryptocurrency dealers and holders. Robinhood Crypto now supports the top 100 cryptocurrencies on CoinMarketCap, including Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB).
Why Robinhood Added These Cryptocurrencies
Robinhood is a commission-free trading platform that provides investing and trading products in stocks, exchange-traded funds (ETFs), options, and cryptocurrency. Robinhood previously supported prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin. With the addition of the four additional digital currencies, Robinhood now provides 11 distinct cryptocurrencies on its platform.
According to a Robinhood blog post, cryptocurrency clients have repeatedly demanded a broader selection of coins and tokens, as well as the option to send and receive cryptocurrencies outside of Robinhood. The company announced the four additional currencies, as well as access to a new cryptocurrency wallet tool, to more than 2 million consumers on a queue.
What Happened When Robinhood Added SHIB and Other Currencies
Shiba Inu owners and aficionados celebrated the addition of Shiba Inu on Twitter and other social media sites. The statement by Robinhood also resulted in a steep initial price boost for the low-priced currency, which was up approximately 20% and trading at $0.00002646 at the time of writing. Shiba Inu is the 15th most valuable currency by market capitalization, with a total worth of around $15 billion. Compound, Polygon, and Solana all showed rises, but they were minor in comparison to Shiba Inu's.
Cryptocurrencies Available at Robinhood
Although cryptocurrency has received a lot of attention, it remains a very tiny market for Robinhood when compared to stock, ETF, and options products.
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