American crypto brokerage platform Robinhood has expanded support for Shiba Inu (SHIB) to its app users in New York.
Shiba Inu Accessibility Growing
As announced by the trading platform earlier today, Shiba Inu can now be acquired, sold, and traded commission free by New York residents. This expansion marks a pivotal growth basis for the industry’s second-largest memecoin which remains one of the most searched digital currencies in the United States.
This is not the first time Robinhood will be listing Shiba Inu as the token is one of the most traded tokens on its platform. However, considering the fact that different US states have differing laws, trader in New York could not accessed the token.
Defying the laws of New York comes with great regulatory consequences. By officially opening access to the token, traders across the memecoin’s ecosystem now have a commission free way to trade it.
As the financial epicenter of the world, New Yorkers might inject enormous liquidity into Shiba Inu, helping to drive its market cap in the near term. At the time of writing, Shiba Inu has recorded a 3% jump in the past 24 hours to $0.0000272. Should the Robinhood listing news make the rounds and be properly priced in, this might further boost the growth and further boost massive SHIB whale transfers already ongoing in the ecosystem.Â
Read Also: Shiba Inu Records 3T Whale Transfer Within Anon Wallets
Avalanche (AVAX) and Compound (COMP) Not Exempted
Besides Shiba Inu, Robinhood also extended buying, selling and trading support for Avalanche and Compound to New York residents.
Attention New York 🚨 Shiba Inu ($SHIB), Avalanche ($AVAX) and Compound ($COMP) are now available for New York State residents!
Buy, sell and trade your favorite crypto assets on the Robinhood app.
See the full list of assets available: https://t.co/B41xoSGcQA pic.twitter.com/mLBxz3Devx
— Robinhood (@RobinhoodApp) April 24, 2024
The trio helped the trading platform balance out its portfolio such that its customers in the state can gain access to a trending memecoin, a highly functional layer-1 blockchain and a DeFi lending pioneer to help achieve a measure of portfolio balancing strategy across the board.
It is worth nothing that related listings are not uncommon in the ecosystem and provides a mutual benefit to all parties involved.
