Robinhood, a leading U.S. trading platform, broadens its cryptocurrency offerings in New York, announcing the inclusion of Shiba Inu (SHIB), Compound (COMP), and Avalanche (AVAX) to its list of tradable assets.
In a recent announcement, Robinhood unveiled the addition of three new cryptocurrencies for its New York customers, bringing the total to 11 available assets. Alongside Shiba Inu, the platform now supports trading for Compound and Avalanche.
Shiba Inu’s Reaction
The Shiba Inu X account celebrated the development, drawing parallels with New York’s iconic status as a place of opportunity, reminiscent of Jay Z and Alicia Keys’ “Empire State of Mind.”
Despite being listed on Robinhood since 2022, Shiba Inu’s availability in New York faced delays due to regulatory hurdles. Additionally, the state’s stringent measures against cryptocurrencies, exemplified by recent actions against KuCoin and adjustments to its crypto greenlist, reflect its cautious approach to emerging assets.
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Robinhood’s delay in offering Shiba Inu to New York residents likely stems from its commitment to meeting regulatory requirements. The platform’s cautious approach aligns with its ongoing efforts to ensure compliance with state regulations.
Robinhood’s Support for Shiba Inu
Since its initial listing in 2022, Robinhood has continued to expand its support for Shiba Inu. Notably, the recent launch of its Android mobile wallet included Shiba Inu among the supported assets.
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Shiba Inu holds the position as the third largest crypto asset on Robinhood, with a substantial holding of 42.123 trillion SHIB valued at $1.06 billion. Recent data reveals significant internal transactions of Shiba Inu tokens within Robinhood’s wallets.
Robinhood’s move to offer Shiba Inu in New York shows its dedication to compliance and meeting investor demands for crypto. Adding COMP and AVAX further diversifies its offerings, meeting customer preferences.
