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Robinhood Adds Solana, Other Cryptocurrencies for US Traders
Key Takeaways
Robinhood Markets ( HOOD ) is broadening its crypto offerings for U.S. traders, adding tokens like Solana ( SOLUSD ) and meme coin Pepe ( PEPEUSD ), as the frenzy continues for Bitcoin ( BTCUSD ) and other digital assets in the wake of Donald Trump's presidential election win.
The online brokerage said it is also offering Cardano ( ADAUSD ) and XRP ( XRPUSD ) for its U.S. customers, bringing the total number of cryptocurrencies available to trade to 19.
"We've consistently heard from our customers that they want access to more digital assets, and we’re excited to continue expanding our crypto offering," Robinhood Crypto vice president and general manager Johann Kerbrat said. "With lower barriers to entry, we believe crypto presents an opportunity for those who have been historically left behind by the traditional financial system."
Bitcoin, which was trading below $70,000 on Election Day, rose above $93,000 for the first time in its history Wednesday, reflecting investor hopes for easier regulation under a Trump White House. Bitcoin was trading around $88,000 midday Thursday.
Trump Has Promised To Create Strategic Bitcoin Stockpile
Trump turned crypto believer during this election cycle, and said he'd establish a strategic bitcoin stockpile and foster growth in the U.S. bitcoin mining industry.
The price of Dogecoin ( DOGEUSD , DOGE ) surged Wednesday after Trump appointed backers Elon Musk and Vivek Ramaswamy to lead a new "Department of Government Efficiency," or DOGE. Seen by many as the original meme coin (with excitement around it based on social hype rather than any utility), Dogecoin has more than quadrupled in the past month.
Solana is the cryptocurrency designed to run on the Solana blockchain, designed to host decentralized, scalable applications. XRP is the native token for the XRP Ledger, which was created by Ripple in 2012 as a payment system. Cardano is the token used on the Cardano blockchain, and Pepe is the cryptocurrency based on a cartoon frog.
The four cryptocurrencies have jumped at least 30% in the past month, with Pepe gaining almost 90%.