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LUNC community push for attention, as Robinhood lists Aave, Tezos

TL;DR

  • US brokerage app Robinhood now supports Aave and Tezos.
  • There are now 19 cryptocurrencies tradable on its cryptocurrency platform.
  • The company is also hiring sanctions investigators ahead of its crypto wallet launch.

Leading US retail trading platform Robinhood has expanded its crypto offerings with two additional cryptocurrencies. The company tweeted on Monday it has added Aave (AAVE) and Tezos (XTZ) as tradable assets on its crypto platform – also known as Robinhood Crypto. Both tokens were up 6% and 1.2%, respectively, at press time.

Robinhood now supports AAVE, XTZ

The online brokerage company initially launched its cryptocurrency platform in 2018, supporting only Bitcoin and Ethereum. In recent years, however, Robinhood has added more popular tokens on the platform. In April 2022, it particularly added support for Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB). 

With the addition of the new tokens, Aave and Tezos, Robinhood now supports a total of 19 cryptocurrencies. The digital currencies are tradable on the platform with zero commission. However, they cannot be withdrawn or deposited by the wider customer base. Robinhood said the options would be made available to users upon the public release of its crypto wallet app. 

Known as Robinhood Wallet, the app is inching closer to launch. In September, a beta version of the wallet was launched to about 10,000 iOS customers who signed up for the waitlist earlier in May. The wallet is based on Polygon and would give customers total control of their crypto. 

Robinhood prepares for more crypto offerings 

“Launching the Robinhood Wallet beta marks a significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers. Like we did with the stock market, Robinhood Wallet strips away some of the complexities of web3 to make crypto more accessible to everyone,” Robinhood Crypto’s CTO, Johann Kerbrat. 

Elsewhere, reports noted that the brokerage app is looking to hire a sanction investigator to expand its compliance team ahead of the Robinhood Wallet launch, slated to happen in the coming months. Previously, the crypto arm of the company was fined $30 million by the New York State Department of Financial Services for allegedly failing to comply with cybersecurity and anti-money laundering laws.

Will Robinhood list LUNC

As it was with Shiba Inu holders, members of the LUNC community raided the tweet with comments asking the brokerage app to list LUNC. While it worked for the Shiba Inu community, it is unknown if Robinhood may consider listing LUNC, given the recent ordeal involving the token.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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