Robinhood Listing Shiba Inu Amongst Different Tokens Following Excessive Demand,

Robinhood Listing Shiba Inu Amongst Different Tokens Following Excessive Demand,

  • Buying and selling platform Rohinhood has added Shiba Inu, along with Solana, Polygon, and Compound to its listing of tradable tokens.
  • The occasion marks a win for the SHIB group which had lengthy championed the meme token’s itemizing.

Its excellent news for Shiba Inu (SHIB) lovers, as buying and selling app, Robinhood, has added it to its listing of tradable tokens. Different cryptocurrencies which have additionally been lately integrated alongside SHIB are Solana (SOL), Polygon (MATIC), and Compound (COMP).

Importantly, the transfer is an effort by Robinhood to draw extra customers and enhance their buying and selling exercise. The pandemic introduced with it a surge in retailer buying and selling, to the advantage of the buying and selling platform. Robinhood even reported that greater than 60 % of its funded accounts traded in cryptocurrencies. 

Nonetheless, in Q3, 2021, the platform reported a uninteresting efficiency compared to Q2 of the identical yr. The incorporation of further cryptocurrencies is subsequently prone to enhance the agency’s income. The itemizing additionally falls in step with the agency’s ‘Crypto First’ strategy which it adopted in early February 2022.

Additionally in accordance with this strategy, Robinhood launched its crypto pockets final week, granting entry to the 2M+ customers on the ready listing. In accordance with Bloomberg, the pockets permits customers to work together with digital belongings (non-fungible tokens or NFTs included) exterior of Robinhood. Introduced in September 2021, Robinhood’s CEO Vlad Tenev stated the product was in excessive demand amongst clients.

Robinhood lists Shiba Inu on the buying and selling platform

“We’re excited so as to add extra selections for our clients as we work to make Robinhood the perfect place to put money into crypto,” Steve Quirk, chief brokerage officer at Robinhood, stated in a weblog post.

As a safety-first firm, now we have a rigorous framework in place to assist us consider belongings for itemizing, and we stay dedicated to offering a protected and academic crypto platform.”

The Shiba Inu itemizing on Robinhood has been a very long time coming. Customers have demanded the token’s buying and selling, even going so far as championing a petition for a similar. The petition, out there on, attracted over 550,000 signatures.

Nonetheless, Robinhood didn’t instantly add the token, saying such a course of is rigorous and requires cautious consideration. The agency’s itemizing committee deliberates on a number of components together with consumer demand, on-chain evaluation, tech and safety, and authorized and monetary variables, amongst others.

Worth response

Advocates of a SHIB itemizing on Robinhood usually cited final yr’s stellar rise of its fellow meme token Dogecoin (DOGE). For them, the chance of Shiba Inu following an analogous path is sort of excessive.

Earlier than the announcement, Shiba Inu traded at a 30 % low this yr in comparison with final. As of writing time, nonetheless, SHIB had gained 20.9 % up to now 24h to commerce at $0.00002756.

The opposite listed cryptocurrencies have additionally posted good points. Per our information, SOL, MATIC, and COMP are up 0.9, 3.5, and eight.8 % within the final 24h, respectively.

Alternatively, Robinhood noticed its shares achieve 4.6 % following the announcement.

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