Robinhood Adds New Cryptocurrencies to Platform
Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!. Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map.
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The first step to buying Shiba Inu (SHIB) is to register an account if you don’t already have one. All you need to do is provide your email and your personal information and verify your identity. Regardless, yesterday’s rumor pumped the price of SHIB more than 15%, but it has since retraced and is down 3.5% over the past 24 hours according to CoinMarketCap.com.
Unlike Dogecoin (DOGE), Shiba Inu is trying to build a larger ecosystem. xcritical reviews This goal includes ShibaSwap, a decentralized finance (DeFi) platform built around SHIB. ShibaSwap gained over $1 billion in Total Value Locked (TVL) within 24 hours of its release.
In the second quarter of 2021, Robinhood made $233 million in revenue from crypto trading, accounting for nearly 40% of Robinhood’s $565 million in total revenue that quarter. Robinhood’s focus on a younger demographic made expanding into cryptocurrencies a natural extension of its services. Over 1 million people—representing a third of Robinhood’s users at the time—signed up to join a wait list before Robinhood launched crypto trading in 2018. Robinhood is well suited for big investors with portfolios in stocks, exchange-traded funds (ETFs), bonds, cryptocurrencies and commodities.
She specializes in writing about alternative investment topics ranging from derivatives to cryptocurrencies. Her work has been published on sites like the crypto exchange Bybit. After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley xcritical official site Fool service, does not cover all offers on the market. Robinhood is a commission-free trading platform that offers stocks, exchange-traded funds (ETFs), options, and cryptocurrency investing and trading products. Robinhood already supported popular currencies including Bitcoin, Ethereum, Litecoin, and Dogecoin.
This platform is a competitor to Uniswap, a popular decentralized exchange platform. Competitor Coinbase recently announced a new plan to share potential currencies that are being evaluated by the Coinbase team for possible addition. The roadmap for April 1 to June 30, according to the post, includes the potential to add 20 new Ethereum-compatible ERC-20 tokens and five Solana SPL-compatible tokens.
Could Shiba Inu Finally Get Listed on Robinhood?
It’s difficult to tell whether the lobbying activity or petition had any effect. However, during its earnings call last October, Robinhood CEO Vlad Tenev stated that it is very cautious when considering whether or not to add new coins or tokens to its offerings. “We feel very very good about the coins that we’re currently listing on our platform and any new coins that we add we want to feel equally, if not more good,” Tenev said. Shiba Inu is unlikely to reach 1 cent — expert price predictions for SHIB do not expect the token to rise to that level.
What Happened When Robinhood Added SHIB and Other Currencies
- Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map.
- Reaching 1 cent would require a massive gain that values the total market capitalization of Shiba Inu to become greater than all cryptocurrencies combined.
- The new crypto wallet that Robinhood plans to launch in early 2022 may also make it unnecessary for Robinhood to list coins like Shiba Inu.
- Shiba Inu was first listed on the decentralized exchange Uniswap.
Through the massive influx of buying, billions of dollars in capital have flooded the Shiba Inu network. This is, in turn, forcing SHIB up in a huge way, creating gains of well over 200% in the last month. As InvestorPlace’s Chris MacDonald reports, there are a slew of reasons for the bullishness on Shiba Inu. Interest in Dogecoin skyrocketed after its Robinhood listing, he says. For consumers’ sake, Robinhood may also be wary of adding another volatile currency to its ecosystem. Shiba Inu (SHIB) has experienced a period of relative calm in recent days, characterized by low price volatility leading up to a 6% increase in the last 24 hour…
This makes the hype around the coin demonstrably real; investors are not just taking interest in the coin, they’re pouring massive quantities of money into it. “One thing for sure is that [Shiba Inu’s] attractiveness will continue,” Lau says. In the third quarter, Robinhood earned $51 million from crypto trading, less than a quarter of the previous period’s total, leading to a 35% drop in Robinhood’s overall revenue. But Robinhood is also beginning to feel the volatility of crypto xcritical official site markets. In January 2018, Robinhood began allowing users in select states to trade Bitcoin and Ethereum, before adding new coins like Dogecoin in July and expanding to most of the U.S. Robinhood was founded in 2013 with the mission of making trading more accessible to average investors, launching a user-friendly app that made it easier to trade stocks and ETFs.
EToro is an innovative trading platform recommended for traders with deep knowledge and experience. Software (hot) wallets like Exodus secure your crypto assets by giving much better protection than centralized exchanges. However, they are still vulnerable to online hacks, so a hardware (cold) wallet is an even safer alternative.
With the four newly added digital currencies, Robinhood now offers 11 unique cryptocurrencies on its platform. Supporters of the dog-themed cryptocurrency Shiba Inu (SHIB) have been clamoring for months to try and convince the popular mobile trading app Robinhood to list the meme coin. In fact, a petition launched last summer to persuade Robinhood to adopt the token currently has more than 555,000 signatures — more than halfway to its target of 1 million signatories. Shiba Inu was first listed on the decentralized exchange Uniswap.
It is one of the largest crypto exchange service providers in the world. EToro has a more advanced setup that takes a bit of time to get used to. Today, Robinhood users can trade seven crypto currencies on the platform, and crypto trading has become integral to the app’s financial performance.
Today it’s trading at a steep 83% discount at $11.70 per share from August peak price. According to a blog post from Robinhood, cryptocurrency customers have consistently requested a more extensive set of coins and tokens as well as the ability to send and receive cryptocurrencies outside of Robinhood. In the announcement, the company offered the four new currencies alongside access to a new cryptocurrency wallet feature to more than 2 million customers on a waitlist. Shiba Inu traders are working very diligently to catch the eye of Robinhood. A petition from nearly 200,000 crypto traders and Robinhood users calls for a listing of the coin on the app.
While the company has negotiated much better economics on crypto trading, we see the decline in broader industry crypto volumes largely offsetting this tailwind ,” according to the analyst note from Goldman. Cryptocurrency markets are trading higher following Federal Reserve Chair Jerome Powell hinting that the time has come for policy to adjust implying a shift tow… Consider using different trading orders depending on your overall strategy.
The new crypto wallet that Robinhood plans to launch in early 2022 may also make it unnecessary for Robinhood to list coins like Shiba Inu. Robinhood may also be wary of the threat of new crypto rules and regulations. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Be mindful of the risks if you invest in cryptocurrencies like Shiba Inu.
