Robinhood says it may not want cash like Shiba Inu on its platform

On Tuesday, Christine Brown, the chief working officer of Robinhood Crypto, mentioned that Robinhood shouldn’t be in a rush so as to add new cryptocurrency cash to its buying and selling platform, dampening hopes that it’ll checklist the favored meme coin Shiba Inu.



Shiba Inu illustration by Fortune


© Illustration by Fortune
Shiba Inu illustration by Fortune

Brown declined to discuss the prospect of itemizing particular cash like Shiba Inu, however mentioned that the agency is cautious of itemizing unstable cash that is perhaps harmful for shoppers or violate regulatory compliance.

“Our technique is a bit of bit totally different than numerous the opposite gamers on the market who’re simply racing to checklist as many property as doable proper now,” Brown mentioned at a Crypto Goes Mainstream occasion hosted by crypto publication Decrypt on Tuesday. “We predict that the short-term acquire we would get shouldn’t be definitely worth the long-term trade-off for our customers.”

Video: Robinhood customers clamor app so as to add Shiba Inu (Yahoo! Finance)

Brown’s feedback might not be welcome information to the SHIB Military, a faithful group of Shiba Inu coin buyers and fans that helps the coin and has clamored to get it listed on Robinhood’s crypto buying and selling platform. On change.org, a petition asking Robinhood to checklist Shiba Inu coin has garnered over 525,00 signatures.

Some Shiba Inu followers on Twitter mentioned that Shiba Inu is robust sufficient to flourish and not using a Robinhood itemizing, whereas others appeared to carry out hope that Robinhood will ultimately checklist the coin.

Robinhood could profit from an instantaneous inflow of buying and selling if it listed the coin. However, as Robinhood lately discovered after itemizing dog-coin competitor Dogecoin, a possible Shiba Inu-driven windfall could also be short-lived given the coin’s volatility. Shiba Inu’s value has soared almost 70,000,000% within the final 12 months, giving it a present market valuation of $29 billion. However Shiba Inu’s coin value has dropped 37% after hitting its all-time peak two weeks in the past, permitting Dogecoin to regain its title of the world’s most respected dog-themed meme token.

“Because of unsure and unstable market circumstances, [listing SHIB] would possibly lead to vital losses over a brief time period, and probably liquidation issues in hostile occasions of sudden value drops or buying and selling halts,” Daniel Khoo, a analysis analyst at blockchain analytics platform Nansen, lately advised Fortune when requested about Robinhood’s wariness towards itemizing Shiba Inu.

This story was initially featured on Fortune.com

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