Highlights:
- Robinhood relists Solana, Cardano, and XRP, responding to strong customer demand for popular crypto assets.
- The new PEPE listing on Robinhood attracts meme token enthusiasts, broadening the platform’s crypto offerings.
- The Robinhood-Daffy partnership enables crypto donations to U.S. charities, blending finance with philanthropy.
Robinhood has relisted Solana (SOL), Cardano (ADA), and Ripple (XRP) on its US trading platform. This comes after the delisting of these assets earlier as regulators raised concerns. In 2023, the Securities and Exchange Commission (SEC) categorized these tokens as securities. Because of this, Robinhood put them on hold temporarily to avoid compliance risks.
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Robinhood to list $PEPE, Solana $SOL, Cardano $ADA, and $XRP. pic.twitter.com/N6AgeqScug
— CryptoMutant (@CryptoMutant) November 13, 2024
Robinhood has relisted them due to strong customer demand. Previously, many users were seeking alternative platforms for trading Solana, Cardano, and XRP. Its relisting is an attempt to fill this gap and draw in more active traders. These coins are widely used and have massive market value. Robinhood’s decision to relist is in line with a bid to reclaim its market position in this area.
Robinhood Crypto Vice President Johann Kerbrat weighed in on the relisting. The decision, he said, is in line with Robinhood’s aim to provide a broader selection of digital assets. Customers have constantly been requesting more diverse investment choices.
Robinhood Adds Meme Token PEPE to Crypto Offerings
Additionally, Robinhood has added PEPE to its platform. Meme tokens can be highly volatile, but their community value makes them popular with a large following. This expands Robinhood’s crypto offerings. This shift places the platform in a position to seize upon market movements and investor appetite for alternative assets.
Robinhood adds PEPE to its 19 cryptocurrencies available on its U.S. platform. By adding PEPE, Robinhood is attempting to attract more customers and those wanting to invest in digital currencies based on memes.
New Partnership to Expand Philanthropic Reach
Robinhood also announced a new partnership with Daffy, a digital charity platform. This collaboration allows Robinhood users to donate crypto assets directly to nearly any U.S. charity through Daffy’s system.
Daffy Announces Robinhood Integration to Make | Fintech News https://t.co/wMuBNSL3Ng
— Hash Headlines (@hash_headlines) November 13, 2024
Users can fund Daffy accounts with crypto from Robinhood or purchase assets for donation purposes. The partnership is a step toward integrating financial technology with philanthropy. For Robinhood’s millions of U.S. customers, this initiative makes giving more accessible. It also provides tax-efficient donation options which are so useful in this very socio-economic condition.
October Metrics Show Significant Growth Across Key Areas
In October, trading activity on Robinhood spiked across many categories. Equity trading volumes increased by 48% to $126.4 billion, while crypto trading soared 51% to $5.6 billion.
$HOOD ROBINHOOD OCTOBER METRICS:
Folks, this was one of the best months in Robinhood's history as a public company.
+90K net funded accounts ✅
+$5.2B in net deposits (highest month all year!!!) ✅
+$1B added to cash sweep balances, now currently at $25.5B ✅
+$7B AUC with… pic.twitter.com/4QmoWnKDE6
— amit (@amitisinvesting) November 11, 2024
In addition, options contracts rose 16%, closing at 158 million contracts traded. The numbers indicate that Robinhood is still expanding in the financial world with increasing engagement from existing and new investors.
Compared to October 2023, the numbers show a major growth year-over-year. For equities, trading volume rose 149% from $50.8 billion last year. Cryptocurrency trading similarly showed a 143% increase from $2.3 billion. These metrics reflect Robinhood’s strengthened market position and growing customer base.
Assets under custody (AUC) also increased by 5%, reaching $159.7 billion by the end of October. Robinhood gained around 90,000 new funded customers in the same month, bringing its total customer base to 24.4 million.
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