In a significant move to expand its cryptocurrency offerings in New York, Robinhood has added Shiba Inu (SHIB) to its list of assets. Renowned as a leading trading platform in the United States, Robinhood’s inclusion of SHIB reflects the token’s soaring popularity in recent times.
In addition to Shiba Inu, Robinhood has introduced support for two other cryptocurrencies—Compound (COMP) and Avalanche (AVAX)—for its customers in New York. With this update, residents of the state now have access to a total of 11 crypto assets on the platform.
Shiba Inu enthusiasts reacted positively to this development, with the official SHIB X account drawing attention to the symbolism of New York as a place where dreams can be realized, reminiscent of the famous track ‘Empire State of Mind’ by Jay Z and Alicia Keys.
Shiba Inu’s Regulatory Hurdles in New York
The journey for SHIB’s availability on Robinhood in New York has not been without hurdles. Despite being listed on the platform back in 2022, regulatory challenges delayed its availability to all customers, particularly those in states like New York known for stringent measures against cryptocurrencies.
New York’s regulatory environment has posed challenges for crypto businesses, with instances such as the forced closure of KuCoin’s services in the state and hefty settlements. Robinhood’s cautious approach in making SHIB available to New York residents likely stems from its commitment to compliance with regulatory requirements.
Despite the regulatory hurdles, Robinhood has continued to show support for Shiba Inu. The token has gained significant traction on the platform, becoming the third largest crypto asset by holdings. Recent data indicates that Robinhood holds over 42 trillion SHIB tokens, valued at approximately $1.06 billion.
Moreover, Robinhood’s recent internal transactions involving a substantial amount of Shiba Inu tokens signify the platform’s active engagement with the cryptocurrency. This move further cements Robinhood’s commitment to providing a diverse range of assets to its users, including the increasingly popular Shiba Inu.
As Robinhood expands its cryptocurrency offerings, including Shiba Inu, in New York and beyond, it signifies a significant milestone in the integration of digital assets into mainstream finance, despite regulatory challenges.