Robinhood expanded its cryptocurrency offerings for US customers by introducing Solana (SOL), Pepe (PEPE), Cardano (ADA), and XRP (XRP).
This addition followed a shift in the digital asset space following Donald Trump's return to the White House. According to the company, this move seeks to provide more diverse investment options for fintech giant users amid demand for a wider range of cryptocurrencies.
Robinhood's Crypto Expansion
Robinhood's latest update now brings the total number of cryptocurrencies available on its platform to 19. The timing of the new crypto listings with the latest crypto rally has seen Bitcoin soar to an all-time high of more than $90,000.
Donald Trump's recent electoral win has stirred optimism in the crypto community. The President-elect, set to take office in January, has signaled a more favorable stance toward digital innovation.
Commenting about the new additions, Johann Kerbrat, the VP and GM of Robinhood Crypto, said: "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. With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system."
Notably, Robinhood halted support for certain tokens last year, including Solana (SOL) and Cardano (ADA), after the tokens were named in an SEC lawsuit targeting Binance and Coinbase.
The lawsuit classified some of these assets as unregistered securities, creating uncertainty around their legal status. The crypto industry is now hopeful for clearer guidelines from the SEC, especially under new potential leadership.
Market Reactions and Industry Impact
These updates from major trading platforms indicate a growing confidence in the digital asset market, boosted by the anticipation of a better regulatory environment.
At the time of writing, the four tokens, SOL, PEPE, ADA, and XRP, had posted a price jump of 16%, 127%, 65%, and 33%, respectively. The tokens also posted positive price increases in the daily chart of 1.66%, 64%, 1.38%, and 3%, respectively.
Meanwhile, Robinhood recently collaborated with major crypto companies to firms to introduce a Global Dollar Network. The firm lauded this move as an important expansion of the retail trading platform. The project, which brings together Kraken, Paxos, and Galaxy Digital, aims to challenge the current stablecoin market dominated by Tether and USD Coin.
