Compound Cryptocurrency Rallies 16% on Robinhood Listing
Robinhood has added four more crypto coins, bringing the total number of tokens it supports to 11. Ethereum rival Solana (SOL), the Shiba Inu meme-coin SHIB, Ethereum scaling technology Polygon (MATIC), and Compound(COMP), the first decentralized finance token, are among the latest listings.
Within an hour of the news breaking, SHIB was up over 25%, while COMP was up 16% in the past 24 hours. For the year 2022 however, all of these tokens have suffered, with only SHIB losing 17 percent of its value. Both COMP and SOL are down almost 40 percent. Bitcoin, on the other hand, has lost just 15% of its value so far this year, and it even managed to break even for the year last week before falling back down again.
Customers have been screaming for the ability to purchase and sell additional tokens ever since Robinhood started providing crypto trading in 2018. As a complimentary token to Dogecoin, which became one of Robinhood’s most traded assets in the summer of 2018, SHIB attracted a lot of attention from investors. However, SHIB has been kept out of the company’s stock market listings until now due of the cryptocurrency’s high volatility.
As Aparna Chennapragada, Chief Product Officer of Robinhood, pointed out last Thursday at the Bitcoin 2022 conference in Miami, Bitcoin has been the top recurrent ‘purchase’ asset for the firm so far this year, followed by Ethereum and Dogecoin.
Robinhood’s eleven tokens are more than PayPal’s four (Bitcoin, Litecoin, Bitcoin Cash), but specialist crypto exchanges like Coinbase, Kraken, Binance, and FTX have dozens and often hundreds or thousands of assets and trading pairings.