What Does Robinhood Adding More Cryptocurrencies Mean for the Industry?

Robinhood is one of the largest online brokerage firms out there, and it has recently added four brand new cryptocurrencies to its trading platform. This is exciting news, so let’s take a look at why.

The four cryptocurrencies added are: 

  • Compound (COMP)
  • Polygon (MATIC)
  • Solana (SOL)
  • Shiba Ibu (SHIB)

Before this, Robinhood only had seven cryptocurrencies for customers to trade via the platform. This included Bitcoin and Ethereum, along with a few other popular options. The inclusion of these four new coins will take the offering up to 11 cryptocurrencies. 

But, why were they added and what does this mean for the industry as a whole?

Listening to customer feedback

Robinhood is one of the most popular trading platforms in the world. It has been around for many years, offering numerous investment options for customers. However, over the past year, Robinhood’s customers have clearly been demanding more digital currencies. A blog post by Robinhood indicated that they’ve constantly been asked to diversify the cryptocurrency offerings on the platform. 

So, they did just that. Introducing Compound, Polygon, Solana, and Shiba Ibu has left customers more than satisfied. Incidentally, this came after Robinhood had recently rolled out crypto wallets to numerous customers, letting them send and receive tokens between themselves. 

It’s very good to see a big company listen to its customers and provide new crypto options. This leads us to believe that some of the other most popular cryptocurrency coins could come to Robinhood in the future. 

Great news for the industry

Adding these new crypto coins is undoubtedly going to be beneficial for the industry.

If a platform as big as Robinhood keeps adding more crypto coins, it makes crypto investments more accessible. There are people out there that aren’t comfortable using some of the standard crypto trading platforms. They might find them too confusing or don’t want to move away from what they’re used to. Bringing crypto to Robinhood caters to people like this. It allows more people to be involved with cryptocurrency trading – which is always going to be a good thing. 

Ultimately, it means more interest in the industry, and it also highlights possible investment opportunities for savvy crypto traders. 

Overall, this news has been met with cheers from all sectors of the crypto industry. People have been waiting for Robinhood to add more crypto assets, and now they have. It shows that the platform is keen to keep growing its crypto offerings, which is highly exciting for any cryptocurrency enthusiasts. 

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