Robinhood Expands Crypto Offerings for New Yorkers with Shiba Inu, Avalanche, Compound

Robinhood expands crypto offerings for New Yorkers, adding meme token Shiba Inu along with Avalanche, Compound.

Key Insights

  • Robinhood opens trading of Shiba Inu, Avalanche, Compound cryptocurrencies for New York residents
  • Brings total number of tradable tokens in New York to 11 on the commission-free app
  • Follows delistings last year after SEC said some tokens should be deemed securities

NEW YORK (MarketsXplora) – Commission-free trading app Robinhood Markets Inc has opened trading of the Shiba Inu, Avalanche, and Compound cryptocurrencies for New York state residents, bringing the total number of tradable digital tokens to 11 in the Empire State.

Along with the meme-inspired Shiba Inu, New Yorkers can now buy and sell the Avalanche blockchain’s AVAX token and the Compound decentralized finance lending token on the Robinhood platform, according to an email to customers seen by MarketsXplora on Tuesday.

The expansion adds to Robinhood’s existing lineup of cryptocurrencies available for trading by New York customers, which includes Bitcoin, Ether, Dogecoin, Bitcoin Cash, Chainlink, Litecoin, Ethereum Classic and the AAVE token.

The move by the retail trading pioneer follows decisions in June 2023 to delist Polygon, Solana and Cardano from its platform shortly after the U.S. Securities and Exchange Commission said those tokens should be classified as securities.

Robinhood did not specify the reason for adding the new listings in New York. A company spokesperson declined to comment.

Despite a prolonged cryptocurrency price slump, retail demand for crypto trading and new token offerings has remained robust, with investors seeking to buy digital assets amid hopes of a rebound.

While crypto exchanges like Coinbase dominate the market for retail token trading, Robinhood has emerged as a popular venue for investors to buy and sell digital assets alongside stocks, options and funds.

Still, Robinhood has moved cautiously with its crypto listings due to an uncertain regulatory environment as the SEC and other U.S. agencies weigh potential crackdowns and new cryptocurrency rules.

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