Cryptocurrency Shiba Inu surges in price after being listed on Robinhood

Robinhood announced that customers can now buy and sell four additional cryptocurrencies namely Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB).

Robinhood rolls out Cryptocurrency wallet to 2 million users. (Photo: Robinhood)

Cryptocurrency Shiba Inu (SHIB) surged in prices after being listed on popular stock and crypto trading app Robinhood. This comes as a good news to SHIB fans who have been targeting a listing on Robinhood app.

The online broker company also announced that customers can now buy and sell four additional cryptocurrencies through its app and website— namely Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB).

According to Coingecko market tracker, SHIB prices surged some 7 per cent in the past hour. COMP jumped 6.6 per cent, MATIC spiked by 3.5 per cent and SOL witnessed a 2 per cent growth.

Shiba Inu was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in decentralized spontaneous community building.

“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, Chief Brokerage Officer at Robinhood. “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.”

While the crypto tokens are available to buy and sell now on the Robinhood app, but deposits and withdrawals for them won’t be available immediately.

Last week, Robinhood rolled out its digital wallet feature to 2 million of its users. In a Bitcoin conference held in Miami, Florida Robinhood Chief Product Officer Aparna Chennapragada shared that customers who signed up for the WenWallets waitlist will be able to send and receive any of the cryptocurrencies currently available on Robinhood. WenWallet is a crypto wallet launched by Robinhood Finance in September 2021. Crypto wallet allows users to store their cryptocurrencies safely.

Further, a blog post by Robinhood also notes that there is no fee to withdraw cryptocurrency from Robinhood. “Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network,” said Vlad Tenev, CEO and co-founder of Robinhood.

Currently, there are 20 cryptocurrencies available to trade on Robinhood app including Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Stellar, Monero, etc.

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