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- 1 Robinhood recently started offering its trading services in the Nevada state of the United States.
- 2 Many companies prefer to move out operations from the U.S. but the commission-free trading platform seems ‘defying the odds’.
The cryptocurrency market in the United States has been under the hood for the past several months given the ramped-up regulatory scrutiny. As a result, many companies in the space have either considered expanding offshore or minimizing their operations in the country. Amidst these circumstances, zero-commission trading platform Robinhood was seen to expand in the country adding another U.S. state to offer services.
Robinhood Crypto announced on Wednesday, October 25, that it is now available in Nevada. With the recent addition of the state, the company has now extended operations to the seventh-largest U.S. state. It also published a list of 15 digital assets that will be available for selling, buying, or trading over the platform in the region.
The assets offered by Robinhood include prominent crypto assets such as Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Dogecoin (DOGE), Shiba Inu (SHIB), etc. The company noted that these services will be offered in Nevada and other U.S. states but highlighted that residents of New York and Texas states will not be able to benefit from the services.
Robinhood assured that investors can start their crypto investment from as low as $1, buying even the smallest fraction of the cryptocurrency of their choice.
The company will be providing real-time market data for about fifty digital assets including Binance Coin (BNB), Cardano (ADA), Solana (SOL), Tron (TRX), Polkadot (DOT), Maker (MKR), and several others.
To comply with regulatory requirements in various U.S. jurisdictions, Robinhood Crypto segregates its tradable assets. As an example, the platform offers support for only 15 digital assets, allowing users to engage in buying, selling, and accessing real-time market data on Robinhood Crypto.
It’s important to emphasize that the provision of real-time market data for these tokens does not necessarily indicate that the platform intends to list these tokens at the moment. However, the platform has highlighted the potential for future support in buying and selling up to 50 tokens on the platform.
Shiba Inu Topping Robinhood’s List of Favourites
Robinhood included the popular meme currency Shiba Inu (SHIB) in the recent offering to the Nevada state. This grabbed attention, given that the trading platform has amassed a significant number of SHIB tokens.
The commission-free trading platform was reported to become one of the biggest holders of Shiba Inu worldwide in September 2023. In total, it accumulated 34 Trillion Shiba Inu tokens by the time which was worth $279.85 Million.
Earlier, Robinhood also had a significant amount of 20 Trillion SHIB tokens but adding another 14 Trillion till September made the numbers attain unprecedented highs, especially for a trading platform. It benefitted the firm in both ways as it accumulated the notable size of digital assets along with strengthening its position as the biggest SHIB holder.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
