Robinhood was one of the contributing factors that led to Shiba Inu (SHIB/USD) making major gains last month. The COO of the exchange has now come out to praise Shiba Inu for creating engagement with its users.
Shiba Inu listing on Robinhood
Last month, Shiba Inu made a major rally towards highs of $0.000086, and the majority of these gains were attributed to speculation that the altcoin would be listed on Robinhood. The Shiba Inu community had stepped in with a petition to convince the exchange to list SHIB. The petition has currently garnered over 500,000 signatures.
However, the COO of Robinhood, Christine Brown, has stated that the exchange focuses on a safety-first approach before listing any cons. “Our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now,” Brown stated.
Therefore, she noted that before any decision was made regarding listing an asset, the exchange needed to assess the regulatory feasibility. Therefore, the firm was not after the short-term gains of a coin that would affect the “long-term tradeoff for users.”
However, Brown stated that the coin had unique features that made it stand out in the crypto charts.
One of my favourite things is seeing the community around these coins really engage with us and let us know what they want.
In its Q3 financial results, Robinhood noted a major reduction in revenues and trading volumes after Dogecoin’s hype died down. These financial results could be the reason why the firm is carefully considering its next listing.
Robinhood wallet waitlist surpasses 1.6 million users
Brown also addressed the issue of the Robinhood crypto wallet waitlist. The waitlist now had over 1.6 million users. When this wallet is finally launched, it will enable users to transfer their assets easily in and out of the exchange.
The high demand for the wallet shows that the exchange is attracting a wide range of users and that they are eager to have more control over their coins on the platform. On the other hand, Shiba Inu has been consolidating at around $0.00005, and it has been dipping since last week. The dip was caused by an old wallet holding $5.7 billion worth of SHIB coming back to life.Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro