As noted in a recent report, popular online brokerage platform Robinhood announced on Thursday that it had added support for one of the most popular cryptocurrencies in the marketplace, Cardano (ADA).
In addition to this, the Nasdaq-listed company is known to have significantly expanded the list of available cryptocurrencies this year after being reluctant about listing new virtual tokens for a long period.
Moreover, “the latest listing comes on the cusp of Cardano’s Vasil upgrade, which is expected to finally take place this September”, according to founder Charles Hoskinson.
As noted in a report by u.today, traders do not seem to be overly excited about the listing. The ADA token is still down 0.4% despite the Robinhood listing, struggling to buck the broader bearish trend. Also, Robinhood added the meme coin Shiba Inu (SHIB) in April after a petition to list the token surpassed half a million signatures. The commission-free investing app also enabled support for Polygon (MATIC), Solana (SOL) and Compound (COMP) that month.
Apart from that, in late June, the said company listed Chainlink, the native token of the oracle application of the same name. The report also mentioned, On Wednesday, the popular trading platform also launched MATIC deposits and withdrawals on the Polygon network to ensure cheaper fees and faster transactions. After riding the bull market wave in 2021, Robinhood saw its shares plummet 2021, with active users abandoning platforms. Its assets under custody declined by 37% in the second quarter of the year.
Lastly, the company is known to have recently said that it had fired a quarter of its staff due to the unfavourable economic climate. Reading so far, I hope you must have gotten a fair insight into Cardano (ADA) finally listed Robinhood, and by now I believe you will be able to decide on your own whether or not you think it was the right thing to do and what do you think will be their next step!
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