14-11-2024 (NEW YORK) Financial technology firm Robinhood Markets has substantially expanded its cryptocurrency offerings for American traders, capitalising on what appears to be an increasingly favourable regulatory landscape following recent electoral developments.
The commission-free trading platform announced Wednesday the addition of four prominent digital currencies to its roster: Solana, Pepe, Cardano, and XRP. This expansion brings Robinhood’s total cryptocurrency selection to 19 different assets, marking a significant broadening of its digital asset marketplace.
Johann Kerbrat, Robinhood Crypto’s vice president and general manager, highlighted customer demand as the primary driver behind the expansion. “Our users have consistently expressed interest in accessing a broader range of digital assets,” Kerbrat noted.
The timing of this announcement is particularly noteworthy, coming amid unprecedented market conditions that saw Bitcoin surpass £71,000, establishing a new all-time high. Major competitor Coinbase, which already offered trading in these tokens, simultaneously announced the addition of Pepe to its platform.
This strategic move represents a remarkable turnaround for Robinhood, which had previously delisted several of these same cryptocurrencies, including Solana and Cardano, following their identification as potential securities in regulatory actions against major exchanges Binance and Coinbase.
The expansion comes as the cryptocurrency industry anticipates significant regulatory shifts under the incoming Trump administration. The President-elect’s campaign promises included the removal of current Securities and Exchange Commission (SEC) Chairman Gary Gensler, whose tenure has been marked by stringent oversight of digital assets.
