On September 1, Robinhood, an online brokerage platform, announced via tweet the addition of the Cardano (ADA) cryptocurrency to its platform.
For a long period of time, Robinhood refrained from listing new tokens, but this year, the Nasdaq-listed firm has significantly added support to the list of cryptocurrencies.
According to Cardano founder, Charles Hoskinson, the listing of the token on the platform happened due to Cardano’s Vasil upgrade, which is expected to happen this September.
Traders don’t appear to be hyped up by the listing of tokens. Despite listing on the platform, the Cardano token is still down, struggling to avoid the broader bearish trend.
When the petition to list the Shiba Inu surpassed half a million votes, Robinhood then added the meme coin SHIB to its platform in April. Moreover, in the same month, commission-free investing and trading platforms added support for Solana (SOL), Compound (COMP), and Polygon (MATIC).
Apart from the following listings in April, Robinhood listed Chainlink (LINK), a native token of the oracle system, in late June.
On August 31, in order to ensure faster transactions and cheaper fees on the Polygon network, the investing and trading exchange platform launched deposits and withdrawals of MATIC, the native token of Polygon.
After going through the 2021 bull market, the shares of Robinhood fell sharply because of active users leaving the platform. Moreover, in the second quarter, the assets under custody declined by 37%.
Due to the adverse economic conditions, the company revealed it had let off a quarter of its staff.
At the time of this writing, the HOOD stock is down by 4.87%.