Robinhood Markets, an online brokerage, has added four cryptocurrencies to its platform, resulting in excitement among crypto enthusiasts. The new cryptos include:
- Polygon (MATIC)
- Solana (SOL)
- Shiba Inu (SHIB)
- Compound (COMP)
Why Robinhood Added the New Cryptos
Robinhood is a commission-less trading platform that offers a wide range of trading instruments, including stocks, exchange-traded funds (ETFs), cryptos, and options. Already, it supports top cryptos, such as Bitcoin, Dogecoin, Ethereum, and Litecoin. The new coins imply that the marketplace will now have a total of 11 cryptos for its clients.
According to Robinhood’s blog, crypto clients have been requesting more tokens and coins to trade, send, and receive outside the platform. The announcement indicated that Robinhood has a waiting list of over two million clients.
- Robinhood Unveils Crypto Wallet to its 2 Million Users and targets Integrating with Lightning Network
What Were the Results After the Addition of SHIB and Other Cryptos?
Shiba Inu’s enthusiasts immediately took to Twitter and other social platforms to express their satisfaction. There was also a sharp rise of about 20% in the low-priced currency. SHIBA Inu is the 15th biggest currency based on market cap, with a value of USD 15 billion. Polygon, Compound, and Solana also recorded significant price gains.
Note that although cryptos may receive greater attention because of their growing popularity, they only form a small portion of all instruments compared to ETFs, Stocks, and Options.
Identifying Cryptos before they are Listed on Robinhood
Identifying the currencies that are about to be added to marketplaces, such as Robinhood, can be pretty important, but this information is rarely shared with clients. If they do, it would be insider trading. This is why they reveal the information in press releases.
Coinbase, one of the top Robinhood competitors, recently unveiled a plan to share potential cryptos under evaluation for addition. In their roadmap, the potential assets included 20 new Ethereum-compatible ERC-20 tokens plus five Solana-compatible tokens.
However, Coinbase has indicated that the list is not conclusive, and other potential coins could also be added.