Robinhood provides trading in Cardano (ADA) for its 23 million members
Free-of-charge investing platform Cardano (ADA) is the most recent cryptocurrency to be supported by Robinhood, which continues to increase its support for other cryptocurrencies.
The listing is a result of customer demand, and trading in the cryptocurrency is scheduled to begin immediately, Robinhood said in a tweet on September 1.
In the midst of the recent crypto bear market, the listing has failed to excite ADA investors, as the token’s price remains stagnant. At the time of publication, ADA was trading at $0.44, representing a decrease of over 2.5% over the previous twenty-four hours.
Notably, ADA’s listing before Cardano’s Vasil hard fork, which is expected for release later this month. The update is deemed optimistic and will increase the platform’s scalability.
After seeming to slow down in 2022, Robinhood, which has around 22.9 million users, has expedited the listing of new coins in 2022.
Among the newly announced common tokens are Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), Compound (COMP), as well as Chainlink (LINK).
The majority of listed tokens are a consequence of community pressure, given that Robinhood’s backing for various assets has contributed to a surge in the relevant cryptocurrencies.
As reported by Finbold on April 12, around $1 billion of funds flooded into Shiba Inu meme currency within an hour of being listed on Robinhood.
As the firm strives to navigate the present market turbulence, the expanded listing of assets on the platform is also designed to entice new customers. Due to difficult economic circumstances, the firm has had to lay off a quarter of its employees in recent weeks.