Robinhood, an online financial technology broker, has expanded its cryptocurrency offerings for New York residents. According to the release, the American financial services company has added three new assets: Uniswap (UNI), Stellar (XLM), and Tezos (XTZ). As such, Robinhood now supports 14 cryptocurrencies for users in the state. However, it continues the push to broaden the range of digital assets available to its customers.
Will Robinhood Also List XRP?
Notably, the latest additions mark a significant step for Robinhood as it seeks to keep up with growing demand from crypto traders. There is speculation about the potential addition of XRP for U.S. users, especially after recent legal developments in the SECâs lawsuit against Ripple. While there has been no official word from Robinhood regarding XRP inclusion, the platformâs ongoing expansion of crypto offerings suggests that more assets could be on the way.
Attention New York đš
Uniswap ($UNI), Stellar ($XLM), and Tezos ($XTZ) are now available for New York State residents. You can now buy and sell 14 assets in New York State. pic.twitter.com/wMlpDcEx4e
â Robinhood (@RobinhoodApp) September 24, 2024
With this move, Robinhood solidifies its position as a key player in the cryptocurrency market, particularly in states with stricter regulatory environments like New York. The expansion is expected to attract both new and existing users.
After the listing was announced, the price of UNI increased by 0.73% to $6.84, and its trading volume went up by 9% to $114.47 million. Meanwhile, the price of XLM decreased by 0.6% to $0.095, and the price of XTZ remained near the same level at $0.6974.
Robinhood Lists Optimism for its EU Users
Recall that Robinhood announced the listing of Optimism (OP) crypto for its European Users in April. However, as traders anticipated the listing, speculation mounted on the potential surge in demand for OP and its subsequent effect on its market value. By offering access to a diverse range of digital assets, including OP, Robinhood aims to cater to the needs of its user base and capitalize on the expanding interest in crypto trading.
In light of this, Robinhood announced in January that it had added all Spot Bitcoin (BTC) Exchange-Traded Funds (ETFs) to its trading app, making them available for retirement and brokerage accounts. By incorporating these instruments into retirement and brokerage accounts, Robinhood aims to cater to investors, from those planning long-term financial goals to those engaging in more active trading strategies.Â
Robinhood Acquires Bitstamp
As far back as June, many analysts and market observers suspected the potential listing of the XRP coin. They linked it to the acquisition of fellow crypto exchange Bitstamp, which was still under consideration. Bitstamp is an XRP Ledger-friendly platform. Acquiring Bitstamp in a 200 million cash deal marks a significant expansion of the companyâs foray into the digital asset space.
Meanwhile, looking through the financial market leader-supported assets page, I confirmed that XRP is now on the list alongside BTC, ETH, SOL, Toncoin, and even Dogwifhat (WIF). This is Robinhoodâs chance to enhance its digital asset offerings and solidify its position in the rapidly growing crypto market. In addition, it puts Robinhood in direct competition with prominent exchanges like Coinbase and Binance.
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