Here’s How Much Shiba Inu (SHIB) Robinhood Holds

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Alex Dovb­nya

Robin­hood holds rough­ly $266 mil­lion worth of Shi­ba Inu (SHIB) after list­ing the token in 2022

Coin­base direc­tor Conor Gro­gan claims that pop­u­lar online bro­ker­age Robin­hood holds $266 mil­lion worth of Shi­ba Inu (SHIB) tokens. 

All in all, Robin­hood holds $3.37 bil­lion worth of assets on Ethereum Vir­tu­al Machine (EVM) chains. 

Inter­est­ing­ly enough, Gro­gan claims that rough­ly 15% of all tagged Robin­hood user with­drawals went to a gam­bling website. 

As report­ed by U.Today, the SHIB token was list­ed on Robin­hood back in April 2022. 

Ear­li­er this month, the com­pa­ny announced that its Web3 wal­let would add sup­port for  SHIB  as well as such coins Solana (SOL), Poly­gon (MATIC), and Com­pound (COMP).

Found­ed back in 2013, Robin­hood allows indi­vid­u­als to buy and sell stocks, options, and ETFs with no com­mis­sion fees. The plat­form gained a rep­u­ta­tion for being user-friend­ly and acces­si­ble to a wide range of investors, includ­ing those who are new to the stock market.

In addi­tion to tra­di­tion­al invest­ments, Robin­hood also start­ed offer­ing trad­ing in cryp­tocur­ren­cies back in ear­ly 2018. Users were orig­i­nal­ly able to buy a small set of cryp­tocur­ren­cies that includ­ed Bit­coin, Ethereum, Lite­coin, and Dogecoin. 

Robin­hood dra­mat­i­cal­ly expand­ed the list of avail­able cryp­tocur­ren­cy trad­ing options in 2021 with the likes of SHIB, SOL, and Car­dano (ADA). 

Over­all, Robin­hood has man­aged to dis­rupt the tra­di­tion­al bro­ker­age indus­try by mak­ing it much eas­i­er and more afford­able for the reg­u­lar Joe to access the stock mar­ket. How­ev­er, the plat­form has faced con­tro­ver­sy and crit­i­cism for its ques­tion­able busi­ness practices.

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