NewsletterBreaking: Robinhood Lists Shiba Inu (SHIB), Prices Jump
Robinhood, a commission-free trading app, has finally listed Shiba Inu (SHIB) on its app, after facing pressure from the SHIB community and its customers.
In addition to SHIB, the platform also listed Solana (SOL), Polygon (MATIC), and Compound (COMP). The prices of all four tokens surged after the move, given that it will attract even more retail interest in the tokens.
Robinhood Adds SHIB, SOL, MATIC, and COMP
Crypto Exchange Listing Bot, which monitors real-time exchange listing, announced in a tweet on April 12 that Shiba Inu (SHIB) has been finally added to the Robinhood app. Moreover, the automated listing bot revealed that it had detected Shiba Inu on Robinhood’s servers.
In an official announcement on its blog, Robinhood said it had listed the four tokens in the wake of growing demand from its customers.
Steve Quirk, Chief Brokerage Officer at Robinhood, said that the new listings came after the firm rolled out crypto wallets for over two million people on its waiting list. He also said that the firm would follow safety protocols to protect investors.
Currently, only buying and selling of these newly listed cryptocurrencies will be available. The deposit and withdrawal services would not be available immediately due to safety issues.
Recently, Robinhood launched crypto wallets for its customers, with about 2 million people on the waitlist.
The app is largely credited with bringing a large amount of retail interest into stock trading, given that it charges zero brokerage fees. It was also at the centre of the astronomical meme stock rally seen last year, which eventually resulted in its public listing.
Prices Zoom Higher For Newly Listed Cryptocurrencies
Robinhood has nearly 20 million monthly active users, mostly young investors seeking to capitalize on the commission-free trading. The price of newly listed cryptocurrencies has rallied higher significantly in just a few hours.
According to CoinMarketCap, the SHIB price surged nearly 10%, with the current price trading at $0.000026. Meanwhile, the prices of SOL, MATIC, and COMP have surged nearly 3%, 4%, and 5%, respectively.
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