The meme coin reckoning has come

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Robinhood shatters SHIB’s dreams; Says no plans to list new cryptos now

on Jan 28, 2022
  • According to Robinhood, this decision comes in light of regulatory concerns.
  • Per Robinhood CFO Jason Warnick, the firm is aware customers want more cryptos.
  • With this decision, it remains unclear whether Robinhood will list SHIB.

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American financial services company Robinhood does not have any plans to list new cryptocurrencies at the moment. The firm’s CFO, Jason Warnick, disclosed this news on January 26 while speaking to reporters shortly after Robinhood posted its Q4 earnings. This decision comes as the company treads carefully after regulators said they might consider some tokens securities.

With this news, the company has shattered the dreams of Shiba Inu (SHIB/USD) enthusiasts, who were hoping a Robinhood listing would help the meme coin surge past $0.0001 (£0.000075).

SHIB fans went as far as signing a petition to get the platform to list the token.  At the time of writing, SHIB is trading at $0.00002072 (£0.000015) after plunging from its October 28 ATH of $0.00008845 (£0.000066).

While speaking to the reporters, Warnick said Robinhood is aware that its customers want new coins. With crypto becoming an integral part of Robinhood’s business strategy, the company is focusing on expanding its offerings, including rolling out a wallet that allows customers to send their assets off the platform.

The wallet launched in beta earlier this month, and Warnick believes it will be available for all customers by the end of March. According to him, Robinhood is also looking to start launching crypto products internationally in the coming months. Among the products lined up is a debit card that facilitates quicker withdrawals.

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Robinhood’s business continues performing

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This news comes are Robinhood’s business continues going through a rough patch after posting another quarterly loss. The firm revealed that it lost 49 cents per share.

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This loss exceeded expert expectations of 42 cents. Robinhood added that its revenue grew to $363.00 million (£271.20 million), falling short of the predicted $370.00 million (£276.43 million).

As a result of this poor performance, Robinhood’s stock (HOOD) suffered a significant hit in after-hours trading, to trade at another record low. At the time of writing, HOOD is down 6.45% in the day to change hands at $11.61 (£8.67).

This price denotes a significant plunge, considering the stock traded at high as $82.00 (£61.25) after the company went public in mid-2021.

Robinhood’s performance is partly due to the plunge of Dogecoin (DOGE/USD), the 10th-largest crypto by market capitalization. For the first half of 2021, the meme coin surged tremendously, pushing Robinhood’s revenue up.

However, DOGE began its descent, pulling Robinhood down as well. At the time of writing, DOGE is trading at $0.139 (£0.10) after losing 2.83% over the past 24 hours.

Despite the crypto market currently performing deplorably, Warnick believes the Robinhood crypto wallet could prove a long-term strategic asset.


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