Robinhood has added Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) to its cryptocurrency offerings for New York residents. This move brings the total number of tradable tokens on Robinhood in New York to 11. These newly listed tokens are subject to price fluctuations, with AVAX, SHIB, and COMP experiencing moderate declines following the news.
Robinhood Expands Crypto Offerings in New York, Adding Shiba Inu, Avalanche, and Compound
New York residents can now trade Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) on Robinhood, expanding the platform's cryptocurrency offerings in the Empire State.
With the addition of these three tokens, Robinhood now offers a total of 11 tradable cryptocurrencies in New York. According to an email sent to New York residents and obtained by The Block, users can buy and sell Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), SHIB, AVAX, Bitcoin Cash (BCH), Chainlink (LINK), Litecoin (LTC), Ethereum Classic (ETC), Aave (AAVE), and COMP.
This move marks the latest in a series of changes to Robinhood's cryptocurrency offerings. In June 2022, the platform delisted three tokens - Cardano (ADA), Polygon (MATIC), and Solana (SOL) - after the U.S. Securities and Exchange Commission (SEC) deemed them to be securities.
The announcement of Robinhood's expanded cryptocurrency offerings in New York has had a modest impact on token prices. AVAX, SHIB, and COMP have all experienced slight declines, with prices dipping between approximately 2% and 4%. At the time of writing, AVAX is trading at $37.48, SHIB at $0.000026, and COMP at $58.35.
While some analysts view the expansion of Robinhood's cryptocurrency offerings as a positive step for the crypto industry, others remain cautious. Critics argue that Robinhood's simplified and gamified trading interface may encourage risky behavior among retail investors.
Despite these concerns, Robinhood's move to offer SHIB, AVAX, and COMP in New York is likely to be welcomed by many users. The platform's large user base and ease of use make it an attractive option for novice and experienced crypto traders alike.
As the crypto market continues to evolve, it remains to be seen how Robinhood's expanded offerings will impact the broader industry. However, the company's commitment to providing a wider range of cryptocurrencies to its users is a clear indication of the growing mainstream acceptance of digital assets.
