Robinhood goes live with four new crypto tokens

Robinhood continued to expand its reach in cryptocurrencies by adding four new tokens on Tuesday.

The company confirmed that moving forward, it will feature Solana (SOL), Shiba Inu (SHIB), Polygon (MATIC) and Compound (COMP) tokens.

This marks the latest addition of digital assets to the millennial-focused trading platform, which launched its first crypto forays back in 2018 when the company endorsed Dogecoin.

It took a while for the company’s crypto gambit to pay, but today, Robinhood sees digital assets as an instrumental part of its overall product offering.

Following the news, the currencies began climbing. SHIB went up by 25% only an hour after Robinhood made the announcement.

Most of the tokens listed have had a rather rough year. SHIB, for example, lost 17% of its value throughout 2022. COMP, MATIC and SOL are down 40% in 2022, which indicates that they are more volatile than Bitcoin (BTC), for example, which is down only 15% this year.

However, Robinhood customers have been interested in crypto and the platform has delivered on a versatile selection of tokens to choose from.

Due to the sector’s volatility, the company acknowledged that it would seek to diversify away from crypto, accounting for close to half of the company’s financial results in 2021.

Robinhood is also ahead of competitors such as PayPal so far as crypto tokens go. Robinhood offers a total of 11 tokens, including the latest four.

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Updated: 04/13/2022 — 14:00