Stellar (XLM) and Avalanche (AVAX) cash are rallying after Robinhood introduced right now that it has added them to the record of tradable digital belongings on the favored buying and selling app.
— Robinhood (@RobinhoodApp) August 8, 2022
At the time of writing, XLM was buying and selling at $0.1314 up 6.04% over the previous 24 hours whereas AVAX was buying and selling at $29.73 up 7.5% over the previous 24 hours.
Both Avalanche and Stellar Lumen cash have been on a bullish development for the reason that starting of August and the information of itemizing on Robinhood might ship the costs of the tokens skyrocketing to new highs. The information has additionally come at a time when buyers and crypto merchants consider the crypto market is making a U-turn from its latest bear market.
Robinhood’s expansive crypto providing
Robinhood, which is predominantly identified for inventory buying and selling, is understood for its conservative itemizing coverage particularly in terms of digital belongings. But it has considerably expanded its crypto providing record this yr.
Robinhood ventured into cryptocurrency in February 2018 by itemizing Bitcoin and a really small number of altcoins. Later that yr, the favored meme coin, Dogecoin (DOGE) was listed on Robinhood. The itemizing of Dogecoin despatched the value of DOGE skyrocketing and pressured the likes of Shiba Inu to start out petitioning the buying and selling app to additionally record it.
In early April 2022, the favored buying and selling app added Solana (SOL), Shiba Inu (SHIB), and Polygon (MATIC) earlier than including Chainlink (LINK) in late June.
Early this yr, Robinhood additionally began rolling out crypto wallets to permit customers to withdraw cryptocurrencies from exchanges.