It’s strange that Dogecoin fits Robinhood’s criteria, but SHIBA INU does not.
Robinhood: We believe the short-term gain we might get isn’t worth the long-term cost to our users,” the company’s chief operating officer says.
The company’s chief operating officer says users may have to wait a long time before SHIBA INU is listed on Robinhood.
Robinhood: The trading platform is adopting a different strategy from Coinbase, which says its goal is to list every asset in which it is legal to do so.
Now, 970,000 total Shiba Inu holders and close to 600,000 people have signed a petition urging Robinhood to list SHIB. However, Brown told a live audience at a Decrypt and Yahoo! Finance event:
Robinhood: As opposed to most other players, we aren’t just racing to list as many assets as possible right now. The short-term gain we may get is not worth the trade-off for our users in the long run.”
Announcing that Robinhood will assess everything from a regulatory perspective, the executive reiterated that the firm has adopted a “safety-first” approach.
Regarding SHIBA INU, Brown told the Crypto Goes Mainstream conference:
Seeing the community engage with us and let us know what they want is one of my favorite things about these coins.”
Are they thinking SHIB will and follow in DOGE’s footsteps 100%, which plunged 66% after hitting a record high of $0.73 in May – this approach also means that it may shoot itself in the foot?
#ShibaArmy could break the app, not allowing trading when that time is on! Hopefully Robinhood is planning for this.
Robinhood had benefited greatly from Dogecoin mania. Sixty-two percent of the company’s crypto-related revenues were derived from the joke coin in the second quarter of 2021.
A decline in the markets for Dogecoin or the price of Dogecoin could negatively affect Robinhood’s business.
In fact, these predictions have come true. According to the third quarter of 2021 results, crypto revenues plummeted 78% as DOGE’s fortunes reversed.
Because Robinhood doesn’t list SHIBA INU, like Coinbase, it could miss out on millions of dollars in revenue – all while driving customers elsewhere.
Another development is that 1.6 million people are now on the waiting list for Robinhood’s crypto wallet.
Also, some consumers have concerns of not being able to trade when a coin is hot! Also, as Robinhood states security concerns, we as COINSUMERS have heard the news about the latest Hack at Robinhood.
Robinhood will make this service available in a few months.
As part of a poll designed to reach his Twitter followers, AMC asked them whether the company should accept meme coins such as Dogecoin and Shiba Inu.
AMC Theaters cinema chain CEO said Tuesday that a tidal wave of inbound messages to the company has prompted the company to explore accepting SHIB. The cinema chain also reportedly considered its own cryptocurrency.