Robinhood Ramps Up Crypto Support With This Major Move

Trading app Robinhood announced that it is enabling transfers for all listed crypto-assets on its platform. The app said it will now support transfers of major cryptocurrencies like Bitcoin, Polygon, and Shiba Inu.

Robinhood tweeted, “Crypto transfers are here. You can now send and receive all listed crypto assets on Robinhood: https://rbnhd.co/crypto-list.” Robinhood’s stock price, which has been performing poorly in recent times, went up by nearly 5% since the announcement on Thursday. 

All Robinhood users that signed for WebWallets waitlist will now be eligible to trade all cryptocurrencies available on the platform. 

Major Bump For Polygon, Shiba Inu

Polygon announced on Twitter that the $MATIC ERC20 token’s withdrawal and deposit are now available on the Robinhood app. Polygon also announced that Reddit will launch an NFT marketplace on Polygon. 

There is a lot of enthusiasm in the Polygon community over the recent updates in the ecosystem. Sandeep, the co-founder of 0xPolygon, stated on Twitter that his goal is to make Polygon one of the most impactful blockchain ecosystems, only behind Bitcoin and Ethereum. Polygon’s price is up by over 10% at $0.5743 in the last 24 hours.

Shiba Inu also saw a substantial increase in its price. Shiba Inu recently launched a new token Treat, to be used as a reward. It also became one of the top choices for whales, with Shiba Inu recording the biggest transaction in its history. With Robinhood transfers now available for $SHIB, its price increased by around 6% in the last 24 hours. It is currently trading at $0.0000111.

Can Robinhood Survive Through Crypto

A Forbes report pointed out that there is curiosity about whether Robinhood can be acquired. There were reports that Sam Bankman-Fried, the CEO of FTX, was eyeing buying the platform. SBF had recently purchased a 7.6% stake in the company. 

Robinhood’s stock prices have also performed poorly. Its price, which was at $38 for its IPO and reached an all-time high of $ 55.01, was trading yesterday at $8.97. Since the announcement of crypto transfers, its stock price has increased by 4.5% to over $9. 

Whether Robinhood’s stock prices retain the upward momentum remains to be seen.