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Robinhood Broadens Cryptocurrency Reach: New Yorkers Gain Access to SHIB, AVAX, and COMP Trading

Starting Wednesday, New Yorkers gain access to trade Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) on Robinhood, expanding the platform’s offerings for Empire State residents to a total of 11 cryptocurrencies.

The move signifies Robinhood’s extension of trading opportunities for New York residents.

In a recent announcement, the platform unveiled the addition of Shiba Inu, Avalanche, and Compound to its list of tradable tokens in the Empire State, joining the existing options such as bitcoin (BTC), ether (ETH), dogecoin (DOGE), bitcoin cash (BCH), chainlink (LINK), litecoin (LTC), ethereum classic (ETC), and aave (AAVE).

The revelation came through an email sent to New York residents, as reported by The Block.

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Robinhood’s decision to expand its cryptocurrency offerings in New York echoes its previous moves in the space.

Last June, the platform made headlines by delisting three token cryptocurrencies — Cardano (ADA), Polygon (MATIC), and Solana (SOL) — following a declaration by the U.S. Securities and Exchange Commission (SEC) regarding their status as securities.

Following the announcement, the prices of AVAX, SHIB, and COMP experienced slight declines, according to data from The Block.

AVAX is currently trading at $37.48, with SHIB and COMP priced at $0.000026 and $58.35, respectively.

Despite the minor dips, the addition of these tokens to Robinhood’s New York offerings opens up further avenues for trading and investment for Empire State residents.

In summary, Robinhood’s decision to enable trading of Shiba Inu, Avalanche, and Compound for New Yorkers marks an expansion of its cryptocurrency offerings in the state, providing investors with access to a wider range of digital assets on the platform.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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