Content Attributes
Retail trading in cryptocurrencies has surged in recent weeks, and Robinhood is no exception. The trading platform recently confirmed it is adding four new cryptocurrencies to its lineup. These include XRP, Shiba Inu, EOS, and YEN. Added on Tuesday, these new tokens have already seen significant value jumps. Since the world removed COVID-19 lockdowns, retail trading has increased dramatically. Visit bitcointraderapp.org for a complete guide on crypto trading if you’re interested in bitcoin trading.
Robinhood Crypto Wallet
Robinhood, specializing in buying and selling inventory, plans to offer a crypto wallet to its customers in September 2021. The app currently supports 16 cryptocurrencies and will allow users to send and receive them.
To test the functionality, Robinhood offers beta wallets to 1,000 users. The company expects to expand the program to tens of thousands of customers by March. While it is unavailable to all customers, the crypto wallet waitlist is already large, with almost two million people signing up.
The crypto wallet will be available in several different currencies. It will enable Robinhood crypto holders to transfer their cryptocurrency to external wallets. The Robinhood crypto wallet will also offer the ability to connect users to a wider blockchain ecosystem.
The Robinhood team will also test the new functionality by hiring beta testers. They will be responsible for testing the core functionality of the Robinhood app and giving them critical feedback. During the beta testing phase, Robinhood executives will work to improve the user experience and make it as secure as possible.
The company has been offering its crypto services for a while but currently does not support most cryptocurrencies. That said, it is working on expanding its list of supported cryptocurrencies.
While it doesn’t mention the criteria for which cryptocurrencies it will support, most people are familiar with Bitcoin, Ethereum, and Litecoin. Adding support for these coins is the next step for Robinhood. In the meantime, it is possible to buy, sell, and store cryptocurrencies on the Robinhood platform.
Before buying cryptocurrency, you must first open an account with a cryptocurrency broker. You must verify your identity to protect yourself from fraud and meet federal regulations. The broker may require you to provide photo identification and a selfie.
However, this is a minor inconvenience for many people. The fees associated with using Robinhood are minimal. The company offers several cryptocurrency trading options, including free trades.
Allows users to interact with meme tokens
Previously a popular trading platform for Bitcoin and Ethereum, Robinhood has expanded to include Shiba Inu (SHIB), a meme coin. As part of an expanded cryptocurrency lineup, the exchange will also include the Polygon, Compound, and Solana tokens. As of Wednesday afternoon, Shiba Inu had risen more than 31 percent in the first 24 hours of trading, while Solana gained almost seven percent.
In addition to allowing users to interact with meme tokens and tip social media creators using crypto, Robinhood will allow users to send NFTs with a simple QR code. The company does not charge withdrawal fees, but users should note that they cannot hold or trade NFTs. Also, users must have an account with Robinhood to buy or sell NFTs. It makes it impossible to keep NFTs in the wallet.
It’s expected to be added to Trading Platform Robinhood soon. There is a chance that Robinhood will add the Shiba Inu to its cryptocurrency trading platform soon. The digital coin has risen in value by 900% over the past month, making it the third most searched cryptocurrency of 2018.
Although the currency is not yet available on the Robinhood trading platform, they could soon add it to its markets. Despite this, Robinhood appears to be delaying the addition of the altcoin to the platform until the regulatory process for introducing new digital coins is clear.
Final Words
Although the cryptocurrency has not yet been added to the platform, the shifting has already reached the Coinbase and Public. Both of these two retail trading apps are competitors to Robinhood. Last week, cryptocurrency exchange platform ChangeNOW offered investors Dogecoin tokens in exchange for Shiba coins. Investors took advantage of this and bought tokens for the cryptocurrency. Since then, the shifty has gained more than five hundred percent.