Robinhood, the prominent crypto trading platform has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP) on its platform. It also added PEPE to its offerings.
Coins Rally Post Listing News
This move follows significant customer dissatisfaction after the removal of SOL when the SEC classified it as a security. Notably, by expanding its listings, Robinhood aims to get back its competitive edge in the market and address gaps in its cryptocurrency offerings. Following the news, XRP surged by over 9%, SOL by over 1% and PEPE went ahead to record a massive 49% rally as it reached its all-time high.
“We’ve consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering,” said Johann Kerbrat, VP and GM of Robinhood Crypto. “With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system.”
With Solana, Pepe, Cardano, and XRP listed on Robinhood Crypto in the US, this brings the number of cryptocurrencies offered to 19, mirroring the platform’s growing response to customers’ demand for more variety in digital assets.
In June 2023, it delisted Cardano ADA, Solana SOL, and Polygon MATIC after the SEC labeled the three tokens as securities in its lawsuits against Binance and Coinbase. However, during its recent earnings call, CEO Vlad Tenev discussed some conditions that could pave the way for their relisting.
The Safety First Approach
The company has emphasized its “safety-first approach” as its crypto listing committee regularly reviews cryptocurrencies to determine if they meet the requirements for listing and continued support on the platform.
Robinhood’s Expansion Plans
As Robinhood seeks international expansion, it recently announced that it would allow European customers to transfer cryptocurrencies in and out of its app. As per a blog post, EU customers could deposit and withdraw more than 20 digital currencies, including Bitcoin, Ethereum, Solana, and USD Coin.
