American financial service company Robinhood lists four new cryptocurrencies on its trading platform. These include dog-themed Shiba Inu coin (SHIB), Ethereum killer Solana (SOL), finance token Compound (COMP), and Polygon (MATIC). It brings the company’s offerings to 11 digital currencies in total.
After this addition on Tuesday, listed tokens reflected a significant jump in values. It is also noteworthy that retail trading has been increasing since the lockdowns implied due to COVID-19 have been removed. The rollout is conducted at the right time.
Related Reading | Robinhood’s Newly Launched Cryptocurrency Wallet Attracts 2 Million Users
The brokerage firm confirmed the move in its official blog post on Tuesday, adding Shiba Inu coin has been the most desired cryptocurrency of many clients who wanted it to be added for trading.
Robinhood’s Chief Officer, Steve Quirk, affirmed;
We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.
Users at Robinhood have been requesting the trading platform for a long time to bring SHIB available for trading. Also, this idea won more than 550,000 signatories in a petition conducted by Change.org last year.
At that time, the company ignored the general idea and expressed that besides the users’ demand, its listing committee had to deliberate many other factors, including legal and financial variables, on-chain analysis, tech, and security.
Robinhood’s Response To Users Appealed To List SHIB
Most users who wanted the Shiba Inu coin listed on Robinhood cited the last year’s meteoric rise of Dogecoin as a cause. Many crypto enthusiasts supposed sitting at the home that the same will happen with SHIB.
Meanwhile, SHIB does not perform well in the market and trades in a volatile nature. Before its current achievement of roughly gaining 20% on Tuesday, it has nearly dropped 30% this year, per the report of Coinmarketcap. However, Bitcoin and other cryptocurrencies have risen at the same time.
Robinhood has been active around its crypto offerings for a few weeks in its strive to beat widely spread crypto trading platforms.
Users’ requests of last year demanded two things: the ability to receive and send their digital tokens alongside the availability of various cryptocurrencies.
Related Reading | Breaking: Bitcoin Lightning Network To Strike Robinhood Wallets
Last week, it announced the launch of its cryptocurrency wallet, which had over 2 million customers on the waiting list. And now, Robinhood has expanded its presence in the crypto market by listing some hot cryptocurrencies.
The wallet allows users to interact with other trading platforms outside the Robinhood network and enables them to purchase NFTs. The company first informed the community about the product launch in September after some time when Robinhood Chief Executive Vlad Tenev publicly said that such a wallet was in high demand.
Featured image from Pixabay and chart from TradingView.com