Robinhood Adds New Cryptocurrencies to Platform

On-line brokerage Robinhood Markets, Inc. (HOOD) added 4 new cryptocurrencies to its buying and selling platform on April 12, 2022, resulting in pleasure amongst cryptocurrency merchants and holders. Robinhood Crypto now options Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Ibu (SHIB), all high 100 cryptocurrencies on the CoinMarketCap scores.

Why Robinhood Added These Cryptocurrencies

Robinhood is a commission-free buying and selling platform that provides shares, exchange-traded funds (ETFs), choices, and cryptocurrency investing and buying and selling merchandise. Robinhood already supported in style currencies together with Bitcoin, Ethereum, Litecoin, and Dogecoin. With the 4 newly added digital currencies, Robinhood now affords 11 distinctive cryptocurrencies on its platform.

In response to a weblog submit from Robinhood, cryptocurrency prospects have constantly requested a extra in depth set of cash and tokens in addition to the flexibility to ship and obtain cryptocurrencies exterior of Robinhood. Within the announcement, the corporate supplied the 4 new currencies alongside entry to a brand new cryptocurrency pockets function to greater than 2 million prospects on a waitlist.

What Occurred When Robinhood Added SHIB and Different Currencies

Shiba Inu holders and fans took to Twitter and different social media platforms to share their pleasure on the addition of Shiba Inu. Robinhood’s announcement additionally led to a pointy preliminary worth enhance for the low-priced forex, which was up about 20% and buying and selling at $0.00002646 as of this writing. Shiba Inu is the fifteenth largest forex by market cap, with a complete worth of about $15 billion. Compound, Polygon, and Solana additionally noticed will increase, however these had been modest in contrast with Shiba Inu’s beneficial properties.

Cryptocurrencies Accessible at Robinhood

CoinMarketCap lists practically 10,000 digital currencies, and CoinGecko options listings for greater than 13,000. Whereas many are close to nugatory, the currencies accessible at Robinhood are usually among the many higher recognized and extra helpful currencies. Here is the whole listing of cryptocurrency belongings now accessible to Robinhood Crypto customers:

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

Cryptocurrencies might obtain a whole lot of consideration, however they’re nonetheless a comparatively small space for Robinhood in comparison with inventory, ETF, and choices merchandise.

Discovering Currencies Earlier than They’re Added to Robinhood

Whereas it could be helpful to know which currencies can be listed on main exchanges like Robinhood forward of the information launch, it is unlikely this data can be shared with people, as it could be akin to insider buying and selling. As an alternative, you possibly can count on vital public bulletins like Robinhood’s latest submit.

Competitor Coinbase lately introduced a brand new plan to share potential currencies which might be being evaluated by the Coinbase staff for doable addition. The roadmap for April 1 to June 30, in accordance with the submit, consists of the potential so as to add 20 new Ethereum-compatible ERC-20 tokens and 5 Solana SPL-compatible tokens.

Nevertheless, Coinbase additionally clearly states that “any asset not referenced within the listing doesn’t preclude any such asset from potential itemizing,” so there isn’t a assure that you simply will not see future surprises.

At all times Contemplate the Dangers When Investing in Digital Currencies

Cryptocurrency belongings is probably not applicable for all traders, so it is important to do good analysis and perceive the dangers earlier than investing your personal cash. In case you’re unsure, it could be clever to seek the advice of with a trusted monetary skilled who can information you on probably the most applicable cash and funding choices in your distinctive wants.