Robinhood, a U.S.-based digital assets trading platform has expanded the availability of Shiba Inu (SHIB) to its New York customers, potentially increasing exposure for the second-largest memecoin by market cap.
New York users of Robinhood can now buy, sell and trade SHIB on the top exchange platform seamlessly. Per the Wednesday announcement, residents of New York State gained access to trade two additional crypto assets.
Comprising Avalanche (AVAX) and Compound (COMP), Robinhood New York customers can now trade a total of 11 cryptocurrencies at press time. The other 8 crypto assets include Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Chainlink (LINK), Aave (AAVE), Ethereum Classic (ETC).
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Robinhood and Shiba Inu
Robinhood’s expansion of Shiba Inu trading to New York customers comes a month after the company launched the Android version of its SHIB-supported self-custody wallet. Moreover, the positive development comes about two years after the exchange added support for the canine-themed token.
SHIB was listed on Robinhood in 2022. However, it restricted New York State residents from buying and selling the token on its platform following the harsh regulatory conditions in the region.
Recall that Kucoin was forced to close its shop in the city after New York’s market regulator accused the exchange of operating without registration, collecting $22 million in settlement. Thus, the SHIB trading development suggests that Robinhood may have satisfied the city’s regulatory requirements.
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Robinhood Shiba Inu Holdings Surpass 42T SHIB
Robinhood’s SHIB holding has continued to increase amid its growing support for the canine-themed token. Leading blockchain analytic platform Arkham Intelligence shows that Shiba Inu is the third-largest crypto asset in the exchange’s portfolio.
At press time, the total volume of Shiba Inu held on Robinhood is approximately 42.28 trillion SHIB, equivalent to $1.1 billion. While the exchange’s bitcoin holding sits at over 140,000 BTC, its portfolio contains more than 1.54 million ETH.
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