When Will Robinhood Offer More Crypto?
The stock trading platform Robinhood is planning to go international, and Steve Quirk, chief brokerage officer, told Business Insider that cryptocurrency would give the company the most traction in this endeavor. As a result, the company is phasing out meme stocks and moving toward a more mainstream focus on crypto. But, one question remains: When will Robinhood offer more crypto? It may not be quite so obvious as Quirk said.
SHIB is a complementary token to Dogecoin
Shiba Inu (SHIB) is an Ethereum-based cryptocurrency that aims to replace Dogecoin’s Scrypt-based network. Both currencies are part of a dog-themed crypto currency swarm. The initial success of Dogecoin prompted an avalanche of SHIB copycats. By early 2021, the price of SHIB increased 49,000,000%.
The price of Shiba Inu has surged since the news of a possible listing on Robinhood broke, briefly flipping Dogecoin. The SHIB community is seeking a listing with Robinhood, but it is not clear if the company will accept it. While SHIB is a popular cryptocurrency, the SHIB community has set its sights on the largest meme coin trading platform, Robinhood. The social media sensation became popular during the 2020 meme stock craze. Since then, it has established a reputation as a place to buy and sell Dogecoin.
The popularity of SHIB has led the company to list it on its trading platform. In fact, SHIB’s price is now higher than Dogecoin. And in the past week alone, it’s been overtaken by the Dogecoin by a considerable margin. The coin has received support from major players in the crypto industry, including Binance and Coinbase.
It is a complementary token to Compound
As the second most popular decentralized lending application, Robinhood is now launching a complementary token: Compound. This token is designed to enable users to earn interest by depositing their crypto into lending pools. The protocol is a decentralized financial institution that operates on the Ethereum blockchain. Instead of human intervention, the system uses supply and demand to determine asset prices. There is a limited supply of 10 million COMP.
While Ethereum is the first crypto listed by Robinhood, other cryptocurrencies are emerging as interesting applications for blockchain. The most popular example is Bitcoin Cash, which is a purely crypto-based payment system. The new cryptos show that blockchain has many applications beyond the payment industry. Robinhood also supports SHIB, a token seen as complementary to Dogecoin. Its volatility is one of the reasons why the platform has yet to list SHIB on exchanges.
It is a complementary token to Polygon
The popularity of Polygon has grown considerably in the past year. Initially launched as part of the spring 2021 crypto market boom, it has retained value because of its important role as a layer-2 network. As a layer-2 network, Polygon allows Ethereum users to tap into its services for data transactions. Outsourcing transactions to layer-2 reduces gas fees and transaction settlement times. This makes Polygon an ideal complement to the crypto market.
As Ethereum users continue to increase, the demand for a cryptocurrency like Polygon increases. With more users, the Ethereum network becomes bottlenecked due to its inability to handle more transactions. Polygon is the most reputable tool to solve this problem. MATIC prices are sporadic and continue to trend upward. In December, MATIC reached a new all-time high of $2.92.
It is a complementary token to Shiba Inu
The mobile trading app Robinhood has been resisting listing the Shiba Inu, a crypto with high volatility. Currently, the token is down nearly 19% year to date, with several spikes and valleys. Although, this has not stopped investors from finding other places to invest in memecoin. The company, however, has not responded to our request for comment.
The addition of Robinhood Shiba Inu has triggered speculation that the crypto exchange might be able to attract more users. While it’s not clear how many users will be able to use the new token, the company has already listed several other cryptocurrencies. It currently lists bitcoin, ether, litecoin, and dogecoin. Shiba Inu was up nearly 25 per cent in just over an hour after Robinhood announced the addition of the coin. Other tokens, like Baby Shiba Inu and Dogey Inu, rose in the high single digits.