Robinhood Expands Its Offerings For US Customers With SOL, ADA, XRP and PEPE
Release: 2024/11/14 02:44 Reading: 256
Robinhood, a leading crypto trading platform, has reinstated Solana (SOL), Cardano (ADA), and Ripple (XRP) to its offerings. It has also added PEPE to its portfolio.
Post-Listing Surge
This move comes after significant customer backlash following the removal of SOL due to its designation by the SEC as a security. By expanding its listings, Robinhood aims to regain its market competitiveness and address the gaps in its cryptocurrency offerings. Following the announcement, XRP rose over 9%, SOL over 1%, and PEPE rallied an impressive 49% to reach its all-time high.
Customer Feedback
"We have received consistent feedback from our clients requesting access to more digital assets, and we are excited to continue expanding our crypto offerings," said Johann Kerbrat, VP and GM of Robinhood Crypto. "We believe crypto presents an opportunity for those who have been historically underserved by the traditional financial system, by lowering barriers to entry."
Expanded Cryptocurrency Offerings
With Solana, Pepe, Cardano, and XRP added to Robinhood Crypto in the US, the number of available cryptocurrencies now stands at 19. This reflects the platform's responsiveness to customer demand for a wider variety of digital assets.
Relisting Considerations
In June 2023, Robinhood delisted Cardano ADA, Solana SOL, and Polygon MATIC after the SEC labeled them as securities in lawsuits against Binance and Coinbase. However, during a recent earnings call, CEO Vlad Tenev outlined the criteria that would enable their reinstatement.
Safety-First Approach
Robinhood emphasizes its "safety-first approach," with its crypto listing committee continuously evaluating cryptocurrencies against specific criteria for inclusion and ongoing support on the platform.
International Expansion
As Robinhood expands internationally, it has announced the ability for European customers to transfer cryptocurrencies into and out of its app. According to a blog post, EU customers can now deposit and withdraw over 20 digital currencies, including Bitcoin, Ethereum, Solana, and USD Coin.
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