The Online Crypto Brokerage Robinhood Offers New Cryptocurrencies from Its Trading Platform

Robinhood, the online crypto brokerage, has recently added several new digital currencies to its trading platform. The addition has reportedly led to excitement among crypto traders and holders. Also known as HOOD, Robinhood has added four new digital coins, including Shiba Ibu, Salona, Polygon, and Compound. These cryptocurrencies are among the top 100 digital currencies in the rating list of CoinMarketCap.

With the new addition of four cryptocurrencies, the total number of offerings by HOOD is 11. Virtual currencies available on the trading platform include bitcoin, ethereum, bitcoin cash, litecoin, and Bitcoin SV. Dogecoin, Shiba Inu, Ethereum Classic, and Compound are other cryptocurrencies offered by HOOD.

The newly added crypto tokens have struggled in the following year, with Shiba Ibu in the top position by losing only 17 percent in 2022. Polygon, Salona, and Compound are down by 40 percent. Bitcoin is the only cryptocurrency to see a downfall of 15% in the following year. While these cryptocurrencies may attract many crypto traders, they still bring a small portion for HOOD compared to ETF and stock. 

Robinhood began its operations in 2018, clamoring the customers for trading more tokens. Shiba Inu was specifically the primary focus of traders and investors as it is a complimentary token to Dogecoin, the most traded asset on Robinhood in 2018. But the trading platform did not list Shiba Inu until now, fearing its enormous instability for trading products, including cryptocurrency. Shiba Inu enthusiasts used social media platforms, including Twitter, to share their excitement for the coin addition.

Aparna Chennapragada, the Chief Product Officer of Robinhood, says that the company finds Bitcoin as the top recurring buying asset, with ethereum at third and Dogecoin coming at 6th place. The total offerings of 11 tokens make Robinhood significantly higher than the four cryptocurrencies offerings by PayPal. 

Robinhood added new cryptocurrencies to its platform to improve its trading abilities and enlarge its crypto features. Aparna Chennapragada says nobody can fully realize the mission of democratizing finance without cryptocurrencies.

According to Robinhood, crypto customers have always requested an extensive set of digital coins and tokens and the ability to transfer and receive cryptocurrencies outside of the platform. The company announced the offerings of four new cryptocurrencies and access to a new crypto wallet feature to multi-million customers on the waitlist. 

Robinhood’s announcement of adding new coins also led to an initial price surge for the low-priced currency. The 15th largest cryptocurrency by the market cap, Shiba Inu, is at a total value of $15 billion. Polygon, Solana, and Polygon also saw a surge in the prices, though they remain modest compared with what Shiba Inu gained. 

Let’s find currencies before Robinhood added them to its platform. While it may be valuable to identify which cryptocurrencies are likely to be part of renowned crypto trading exchanges before their release, it is unlikely for individuals to know about it as it would be identical to insider trading. However, the crypto investors and holders can expect significant public announcements like Robinhood did recently. 

The rivals like Coinbase recently revealed their plan of evaluating potential currencies for the possible addition to the platform. The duration for the potential inclusion of cryptocurrencies starts from 1 April to 30 June. It will include a new ERC-20 (ethereum-compatible token) and 5 Solana SPL-compatible tokens.

Coinbase has clearly stated that any virtual asset not referenced in the listing does not stop any token from being a part of the potential list. So chances for Coinbase to come up with future surprises still exist. Digital assets are not necessarily suitable for every crypto investor, so it becomes crucial to research adequately and identify the risks before investing your hard-earned money.