Shiba Inu, Bitcoin, and other readily available digital assets can now be transferred in and out of the Robinhood trading app by users. Early in April, Robinhood officially included SHIB, the second-largest meme cryptocurrency, following the completion of a Change.org petition with more than 500,000 signatures.
Woof! Robinhood transfers now live for $SHIB what a great friendshib and opportunity for crypto fans. https://t.co/O41wgBy9gn
— Shib (@Shibtoken) July 7, 2022
In 2018, Robinhood began trading cryptocurrencies and added support for a number of additional coins, including Bitcoin, Dogecoin, and others. The trading software introduced a non-custodial wallet earlier this year, enabling users to control their own cryptocurrency.
The relationship between cryptocurrencies and Robinhood is not new. The financial services firm entered the market in 2018 after announcing the impending debut of its cryptocurrency-focused subsidiary, Robinhood Crypto. The company caters mostly to retail investors and popularized the commission-free stock trading concept.
Since then, among cryptocurrency enthusiasts, the app that puts low-cost trading at investors’ fingertips has experienced tremendous growth. The company, however, had drawn criticism from cryptocurrency users for not allowing clients to withdraw their acquired coins to self-custody wallets; this issue has since been dispelled.
By making the feature available to all users, Robinhood is now aiming to solidify its position in the cryptocurrency trading industry while vying for market share against rival brokers like Block’s Cash App, which has long permitted withdrawals.
In general, cryptocurrency brokers are battling it out to offer the lowest fees in an effort to draw customers and promote increased platform activity in the middle of a general cryptocurrency winter.
