SHIB, SOL, MATIC prices jump as Robinhood adds crypto

Robinhood has expanded its presence in the crypto market by adding four cryptocurrencies to its platform: Compound, Polygon, Shiba Inu, and Solana.  

As of Tuesday morning, the tokens represent a range in value, with Shiba Inu clocking in at around $.000027 and Compound selling for around $130 per token. After the addition of the currencies, prices for Solana and Shiba Inu in particular jumped upwards of 4.59%. Robinhood itself benefited from the crypto additions, with its stock rising almost 4% as of this morning.  

The rollout comes at a time of overcrowding in the crypto investment market. The widespread success of Coinbase, Kraken, and other platforms have challenged Robinhood’s position as the foremost investment app. In a statement, the company defended its relatively delayed timeline for adding popular cryptos, saying that Robinhood has a “rigorous framework in place to help us evaluate assets for listing.” 

The recent decision showcases the company’s effort to become the go-to service for crypto investors. Steve Quirk, Robinhood’s chief brokerage officer, articulated this commitment, adding that Robinhood was “excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto.”