Cryptocurrency Shiba Inu’s (SHIB) price surged after being listed on popular stock and crypto trading platform Robinhood. This comes as good news to SHIB fans who have been hoping for a listing in the Robinhood app.
The online trading company also announced that customers can now buy and sell four additional cryptocurrencies through its app and website – namely Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB).
According to Coinmarketcap, SHIB prices surged over 19% in the past 24 hours, COMP jumped 7.5%, MATIC spiked by 3.5%, and SOL witnessed 1% rise.
Shiba Inu was launched in August 2020 as a substitute for Dogecoin (DOGE) by an anonymous person or group under the name Ryoshi. SHIB’s founders said it was created as an experiment in decentralized spontaneous community building.
“We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, Chief Brokerage Officer at Robinhood. “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.”
The Robinhood app allows users to buy and sell crypto tokens now, but deposits and withdrawals aren’t available yet.
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Last week, Robinhood released its digital wallet feature to 2 million of its users. In a Bitcoin conference held in Miami, Florida, Robinhood Chief Product Officer Aparna Chennapragada said that users who signed up for the WenWallets waitlist will be able to send and receive any of the cryptocurrencies currently available on Robinhood. WenWallet is a crypto wallet launched by Robinhood Finance in September 2021. Crypto wallets allow users to store their cryptocurrencies safely.
According to a blog post by Robinhood, there is no fee to withdraw cryptocurrency from Robinhood. Vlad Tenev, CEO and founder of Robinhood, said, “Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network.”
Currently, there are 20 cryptocurrencies available for trading on the Robinhood app, including Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Stellar and Monero.