Robinhood adds Shiba inu coin, other crypto coins

Robinhood announced earlier this week that it will add four new cryptocurrencies to its platform, allowing consumers to buy and sell even more crypto coins.

The news: Robinhood said four new crypto coins will join the app:

• Compound (COMP)
• Polygon (MATIC)
• Solana (SOL)
• Shiba Inu (SHIB).

What they’re saying: “We’re excited to add more choices for our customers as we work to make Robinhood the best place to invest in crypto,” said Steve Quirk, chief brokerage Officer at Robinhood, in a statement. “As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.”

The bigger picture: You’ll notice that the Shiba Inu cryptocurrency coin has joined Robinhood, which represents a culmination of rumors and reports that it would happen.

• Last fall, there was a slew of rumors that Shiba Inu coin joined Robinhood’s cryptocurrency trading app, which is considered one of the biggest mainstream cryptocurrency trading platforms — similar to Coinbase.
• Shib coin previously joined both Coinbase and Public, a retail trading app that rivals Robinhood. The Robinhood addition was deemed a final piece of the puzzle for the cryptocurrency coin.