Robinhood on Listing More Cryptocurrencies

Last week, Jason Warnick, the chief financial officer (CFO) of Robinhood, spoke about cryptocurrency at The Wall Street Journal’s virtual CFO Network Summit. “It’s not lost on us that our clients and others would like to see us add additional coins,” Warnick said, referring to retail investors’ significant demand for Robinhood to offer more cryptocurrencies, particularly the meme crypto Shiba Inu (SHIB). The Robinhood executive, on the other hand, emphasized:  “We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.” At Robinhood, compliance is a major focus. To address regulatory standards, the company teamed with blockchain data provider Chainalysis in December of last year. Supporters of the Shiba Inu coin have been pushing Robinhood to list SHIB on Change.org. The petition has 555,811 signatures as of this writing. In November, Christine Brown, Robinhood Crypto’s chief operating officer and vice president of product operations, stated that the platform had no plans to integrate any further cryptocurrency. In response to a question regarding when SHIB will be listed, she stated. Bitcoin (BTC), bitcoin cash (BCH), bitcoin sv (BSV), dogecoin (DOGE), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC) are presently supported by Robinhood Crypto for buying, trading, and real-time market data (LTC). At the summit, Warnick also reiterated that, unlike Microstrategy and Tesla, Robinhood will not be purchasing cryptocurrencies for its corporate treasury. He elucidated: “There aren’t compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies.” Robinhood launched a cryptocurrency gifting programme in December of last year. The business also announced the beta launch of its bitcoin wallets, which has a 1.6 million-strong waitlist.

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