Robinhood lists Shiba Inu and more. Robinhood, a popular cryptocurrency broker, has expanded its list of cryptocurrencies. The number of cryptos customers can buy and sell on the platform has risen to 11, adding some breadth to Robinhood’s selection.
Until now, the majority of the cryptos accessible through Robinhood have been pure payment cryptos such as Bitcoin (BTC), Bitcoin SV (BSV), and Litecoin (LTC). Payment cryptos are fascinating, but blockchain has a lot more potential, as shown by some new cryptocurrencies.
Robinhood lists Shiba Inu, Solana, Polygon, and Compound
The following are the key facts about Robinhood’s new cryptocurrencies:
Compound (COMP)
The COMP token is the governance token for the Compound decentralized finance (DeFi) platform. One of the more well-known interest-paying protocols is Compound. Users can earn interest on their assets by stowing them with the platform. Borrowers may access crypto collateral in this manner. When investors utilize the platform to borrow, withdraw, or repay, they receive COMP tokens as compensation.
Currently, the Compound is at $131.
This is a competitive market, and Compound has lost ground to certain rivals in recent years due to a security flaw discovered in October. Furthermore, any enhanced crypto regulation is likely problematic for the entire DeFi industry. If you’re thinking about putting money into COMP, it’s worth reading up on how new rules might affect it and how it compares to other DeFi firms in greater depth.
Ethereum merge is on the way
Polygon (MATIC)
The Polygon Ethereum project is a layer 2 solutions aggregator. Layer 2s sit on top of existing blockchains to enhance performance. Polygon, in this case, combines several solutions to some of Ethereum’s problems, including network congestion and high transaction costs.
Currently, the Polygon is at $1.424.
Because it allows developers to maintain their existing Ethereum blockchain knowledge while also avoiding some of the problems faced by the industry leader in smart contract cryptos, Polygon drew a lot of attention last year. According to CoinGecko data, MATIC’s rise in popularity resulted in it becoming one of the top performers for 2021, with a return of over 14,000 percent.
Shiba Inu (SHIB)
Shiba Inu enthusiasts have called for Robinhood to include the breed for years. Last year, a Shiba Inu meme cryptocurrency became famous. It’s a community-based project that spoofs Dogecoin (DOGE), the original meme coin. Remember, those meme currencies are more hazardous than most other cryptocurrencies since they offer zero practical use.
Currently, the Shiba is at $0.00002710.
Shiba Inu has its decentralized exchange (DEX) in the works, and a metaverse is being developed. However, these projects do not yet compete with other DEXs or metaverse tokens. Some people believe that being listed on Robinhood is a step toward general acceptance. That may be the case, but making outstanding products might be a better way to go forward.
Solana (SOL)
Another of last year’s shooting crypto stars was Solana, which soared over 11,000 percent in 2021 as developers and investors sought alternatives to Ethereum. However, while its rapid development has brought some technical issues, Solana offers ultra-fast transactions at a fraction of the cost of Ethereum.
Currently, the Solana is at $103.74.
To date, Solana has over 1,500 ongoing projects on its platform. It’s also making a name for itself in the non-fungible token (NFT) industry. OpenSea, a prominent NFT marketplace, allows customers to trade Solana blockchain-based tokens.
What is Robinhood?
The United States-based brokerage firm, Robinhood Markets, Inc., is a pioneer in commission-free trading of equities, exchange-traded funds, and cryptocurrencies through a mobile app released in March 2015.
