- The stock price of Robinhood Markets Inc (NASDAQ: HOOD) increased by 0.7% in the most recent trading session. This is why.
The stock price of Robinhood Markets Inc (NASDAQ: HOOD) increased by 0.7% in the most recent trading session. Investors responded positively to Robinhood announcing that customers can now buy and sell 4 additional cryptocurrencies through Robinhood Crypto: Compound (COMP), Matic (MATIC), Solana (SOL), and Shiba Inu (SHIB).
In the past year, Robinhood’s crypto customers have consistently asked for two things: the ability to send and receive their tokens, and a broader selection of cryptocurrencies.
And addressing their first ask, Robinhood rolled out wallets to every eligible person on a waitlist of over two million. And now, Robinhood addressed another top request by adding additional cryptocurrencies.
These assets are available for buying and selling now on the Robinhood app. And deposit and withdrawal won’t be available immediately for these assets, but that capability is coming soon. Listed in alphabetical order:
1.) Compound (COMP) – Compound is an algorithmic, autonomous interest rate protocol built for developers to create open financial applications. It was created in 2017 by entrepreneurs Robert Leshner and Geoffrey Hayes. Compound enables users to earn interest by depositing crypto into lending pools that can be accessed by borrowers. COMP is Compound’s Ethereum-based governance token, which enables holders and delegates to propose and vote on changes to the protocol. And users can earn COMP through lending or borrowing assets on Compound. There is a maximum total supply of 10 million COMP.
2.) Matic (MATIC) – MATIC is the native token of Polygon (previously Matic Network), a decentralized Proof-of-Stake (PoS) blockchain, which operates as a sidechain to Ethereum and benefits from its security. And Polygon claims to be able to process up to 65,000 transactions per second with network fees of a fraction of a cent. Matic was founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic. Launched in 2019, MATIC is used to pay for network fees, staking, and governance on the Polygon network. It has a maximum total supply of 10 billion. MATIC can also be bridged to the Polygon network and it can be purchased on or sent to Robinhood.
3.) Shiba Inu (SHIB) – Shiba Inu (SHIB) is an Ethereum-based (ERC-20) token that is hosted on the Ethereum blockchain. And it 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. While DOGE operates as a Proof-of-Work (PoW) mechanism, SHIB is a Proof-of-stake (PoS) blockchain and there is a maximum total supply of 589,735,030,408,323 SHIB.
4.) Solana (SOL) – SOL is the native token of Solana, a decentralized Proof-of-Stake blockchain built to enable scalable, user-friendly DApps. Solana was founded in 2017 by Anatoly Yakovenko and the SOL token was launched in March 2020 by the Geneva-based Solana Foundation and San Francisco-based Solana Labs. Solana claims it can process up to 65,000 transactions per second with low fees by combining Proof-of-Stake and Proof-of-History consensus mechanisms. SOL has no maximum total supply.
“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.”
— Steve Quirk, Chief Brokerage Officer at Robinhood
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.