Robinhood Rolls Out Tokens Offerings, Adding SOL, SHIB, MATIC & COMP


To meet customer requests for a broader selection of cryptocurrencies, American financial services company Robinhood has listed Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP).

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Upon listing, Shiba Inu surged by more than 20%, increasing its market capitalization by $1.2 billion, according to CoinMarketCap.  

Source: CoinMarketCap

The listing comes nearly a week after the company officially rolled out its long-awaited cryptocurrency wallet, providing access to more than 2 million customers. 

Steve Quirk, Robinhood’s chief brokerage officer, pointed out that the latest move showcases the firm’s commitment to the crypto space. He added:

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

As an algorithmic and autonomous interest rate protocol meant to develop open financial applications, Robinhood saw it fit to add Compound to meet customer needs.

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Furthermore, Solana prompts processing speeds to nearly 65,000 transactions per second by merging proof-of-history and proof-of-stake consensus mechanisms.

By adding the new cryptocurrencies, Robinhood seeks to revamp its dwindling crypto trading revenue. For instance, according to Bloomberg, cryptocurrencies generated about $48 million in transaction-based revenue for Robinhood in the fourth quarter of last year – a 79% drop from the $233 million reported in the second quarter.

Furthermore, the company intends to incorporate the Bitcoin Lightning Network for faster BTC transactions. 

Shopify, a global e-commerce giant, recently inked a deal with digital payments platform Strike to enable Bitcoin lightning payments, Blockchain.News reported. 

Image source: Shutterstock


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