Robinhood, the popular investing platform, has announced the listing of Stellar Lumens (XLM) and Avalanche (AVAX) on its trading app.
In a bid to expand its crypto offering, Robinhood has managed to incorporate a number of cryptocurrencies, including Solana (SOL), Shiba Inu (SHIB), Polygon (MATIC), and Chainlink (LINK) this year.
In a tweet today, Robinhood wrote, “AVAX and XLM are now on Robinhood.”
AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) August 8, 2022
Read Also: Over 1 Billion Dogecoin (DOGE) Moved by Robinhood and Anonymous Whales over Past Day
Robinhood’s Foray into Crypto
Robinhood is an American financial services company headquartered in Menlo Park, Califonia. It facilitates commission-free trades of stocks, exchange-traded funds (ETFs), and cryptocurrencies via a mobile app launched in March 2015.
The company’s revenue comes from three main sources, including interest earned on customers’ cash balances, selling order information to high-frequency traders, and margin lending.
In 2018, Robinhood started to incorporate crypto assets. It started by enabling its users to trade Bitcoin (BTC), Ethereum (ETH), and a number of other digital currencies.
In July 2018, the popular investing app added support for the largest meme token in the market, Dogecoin (DOGE), followed by Solana (SOL), Shiba Inu (SHIB), Polygon (MATIC), and Chainlink (LINK). The company had to wait for three before adding support for more digital assets.
Read Also: Robinhood Responds to the Possibility of Adding Support for Cardano (ADA)
In the first quarter of 2021 when Dogecoin (DOGE) was experiencing a meteoric surge in price, Rohinhood was able to account for massive crypto-related revenue.
Earlier this year, the financial services company started rolling out crypto wallets, enabling its users to withdraw digital currencies from exchanges.
However, the shares of the company have started to tank due to a drop in revenue after losing a number of active users.
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