Robinhood Expands Shiba Inu Availability to New York

New York customers can now join other global crypto enthusiasts in trading Shiba Inu (SHIB) after Robinhood made the token available to traders in the region.  

Robinhood, a prominent U.S.-based trading platform, has made Shiba Inu (SHIB) available to its customers in New York. Besides Shiba Inu, Robinhood also added two other cryptocurrencies to the list of assets its New York customers can trade. 

Per a recent announcement, the exchange also included support for Compound (COMP) and Avalanche (AVAX). At press time, New York residents can now trade a total of 11 crypto assets on Robinhood.  

The list includes Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Chainlink (LINK), Aave (AAVE), Ethereum Classic (ETC), Shiba Inu, Compound, and Avalanche. 

Shiba Inu Reacts 

Meanwhile, the official Shiba Inu X account also drew attention to the recent development. The ecosystem team alluded to the renowned track ‘Empire State of Mind’ by Jay Z and Alicia Keys, portraying New York as a metropolis where dreams can be realized.

🎵 Now, we’re in New York! Concrete jungle where dreams are made of! 🎶

All you Shibas in and around the Big Apple can now trade $SHIB on @RobinhoodApp 🎉 https://t.co/nvNH01MVgf

— Shib (@Shibtoken) April 24, 2024

New York Harsh Crypto Measures Delays Shiba Inu Debut   

It is worth noting that Robinhood first listed Shiba Inu in 2022. However, due to regulatory issues, the token was not available to all of Robinhood’s customers. 

New York is one of the states where Robinhood did not immediately list Shiba Inu despite adding support for the token two years ago. 

Even though New York ranks among the top financial centers in the world, the state is known for its stringent measures against crypto. This is reflected in its recent actions towards the emerging asset and crypto businesses. 

For instance, popular crypto exchange KuCoin was forced to shutter its services in New York and pay a settlement of $22 million after the state accused it of running an unregistered trading platform. In addition, the state of New York also took another stringent action against crypto following the removal of LTC and XRP from its so-called greenlist. 

Given New York’s harsh stance against crypto, Robinhood’s delay in making Shiba Inu available to residents in this region might be attributed to efforts to satisfy all regulatory obligations. 

Robinhood’s Support for Shiba Inu 

Since listing Shiba Inu in 2022, Robinhood has expanded its support for the canine-themed token. Last month, the firm launched the Android version of its highly anticipated mobile wallet, with Shiba Inu included in the list of supported assets. 

Interestingly, Shiba Inu is currently the third largest crypto asset in Robinhood’s portfolio. Data from Arkham Intelligence shows that Robinhood’s total Shiba Inu holdings currently stand at 42.123 trillion SHIB, valued at $1.06 billion. 

As recently reported, Robinhood shuffled a whopping 3 trillion Shiba Inu tokens between its internal wallets yesterday.