Stellar (XLM) and Avalanche (AVAX) coins are on the rise after Robinhood announced today that it has added them to the popular trading app’s list of tradable digital assets.
AVAX and XLM Coming to Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo
Robinhood (@RobinhoodApp) August 8, 2022
At the time of writing, XLM was trading at $0.1314, up 6.04% over the past 24 hours, while AVAX was trading at $29.73, up 7.5% over the past 24 hours.
Both the Avalanche and Stellar Lumen coins have been trending bullish since the beginning of August, and news of their listing on Robinhood could send the token’s price skyrocketing to new highs. The news also comes at a time when investors and crypto traders believe the crypto markets are making a U-turn from the recent bear market.
Robinhood’s Extensive Cryptocurrency Offering
Primarily known for stock trading, Robinhood is known for its conservative listing policy, especially when it comes to digital assets. However, this year we have significantly expanded our list of cryptocurrency offerings.
Robinhood launched into cryptocurrencies in February 2018 by listing Bitcoin and very few altcoins. Later that year, the popular meme his coin, Dogecoin (DOGE), was listed on Robinhood. With Dogecoin’s listing, DOGE’s price skyrocketed, and people like the Shiba Inu started petitioning for the trading app to be listed as well.
In early April 2022, the popular trading app added Solana (SOL), Shiba Inu (SHIB) and Polygon (MATIC) before adding Chainlink (LINK) in late June.
Earlier this year, Robinhood began rolling out cryptocurrency wallets, allowing users to withdraw cryptocurrencies from exchanges.