Shiba Inu is Finally on Robinhood; Here is What You Need to Know

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Shiba Inu is finally on Robinhood, one of the most popular trading app, Robinhood. And since then, Shiba Inu has been surrounded by whales owing to its heavy price surge. This, of course, comes as good news to Shiba Inu fans and investors who have been contemplating when the cryptocurrency will be listed on the Robinhood app.

With this, the online broker company, Shiba Inu, also announced that users can now buy and sell four new cryptocurrencies, namely, Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB). As per the Coingecko market tracker, SHIB prices increased by almost 7% in the past hour. COMP surged by 6.6%, MATIC by 3.5% and SOL by 2%. 

For cryptocurrency fanatics, Shiba Inu was launched as an alternative to Dogecoin (DOGE) in Aug 2020 via an anonymous individual or group under the pseudonym, Ryoshi. As per its founders, this was an experiment in decentralized spontaneous community building, which today we all know as Shiba Inu.

You may also like: How to Trade Cryptocurrency in 2022: Easy Steps

What is a Shiba Inu token?

Shiba Inu is a token on the Ethereum network, enabling developers to build the ShibaSwap DEX or combine other tokens and NFTs on the platform’s ecosystem. The best part, its maximum supply has been set to 1 quadrillion tokens, higher than the most popular cryptocurrencies. This expansive token size has lowered the price of a Shiba Inu token than other virtual assets with similar market capitalizations. 

Steve Quirk, Chief Brokerage Officer at Robinhood, said, “We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto. As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

There is no withdrawal fee on the Robinhood app

While crypto tokens are available for buying and selling on the Robinhood app, deposits and withdraws won’t be possible immediately. Robinhood rolled out its digital wallet feature for its 2 million users last week. Robinhood’s Chief Product Officer, Aparna Chennapragada, shared with the customers at a Bitcoin conference last week in Miami that customers who sign up for the WenWallet waitlist can now send and receive any cryptocurrency payments available on the app. WenWallet is a cryptocurrency launched by Robinhood founders in September 2021. It allows users to store their cryptocurrencies in the app safely. 

Moreover, a blog post by Robinhood around the same states that there is no fee for cryptocurrency withdrawal on the app. “Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network,” said Vlad Tenev, CEO and Co-Founder of Robinhood.

Currently, Robinhood offers 20 cryptocurrencies on its app to its users for buying and selling. These include the top ones like Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Stellar, and Monero. 

Nitish Vaibhav
Nitish Vaibhav
I am an Entrepreneur. I believe building a Network and staying connected to the world will give you Wealth.

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