Robinhood
(HOOD)
is beefing upward its cryptocurrency capabilities. Information technology at present allows customers to buy cryptocurrencies with no commissions automatically on a scheduled basis. Robinhood opened upwardly a waitlist for its crypto wallets and more than ane million customers have signed up then far.
No, the popular trading platform doesn’t back up
Cardano or
Shiba Inu yet. However, here are 7 cryptocurrencies that you can purchase on Robinhood.
1. Bitcoin
Unsurprisingly,Bitcoin
(BTC
-0.23%)
stands at the top of the list for cryptocurrencies supported by Robinhood. It’s the most pop digital coin in the globe. And it has the greatest market cap by far.
two. Bitcoin Cash
Robinhood likewise allows users to purchase and sellBitcoin Cash
(BCH
-0.46%). This cryptocurrency is kind of a sibling to Bitcoin. Developers parted ways from the Bitcoin project in 2017 to launch Bitcoin Cash as an culling coin that addressed some of the perceived issues with Bitcoin. Bitcoin Cash now ranks as the No. 21 cryptocurrency based on marketplace cap.
3. Bitcoin SV
The trading platform supports a third member of the Bitcoin family likewise —Bitcoin SV
(BSV
2.85%). This cryptocurrency comes in at No. 57 based on market cap. It forked off from the Bitcoin Cash blockchain in 2018. The vision for Bitcoin SV is to adhere as closely to the original design of Bitcoin equally possible.
four. Dogecoin
Dogecoin
(DOGE
0.44%)
started out as a joke, but Robinhood takes it seriously enough to make it available to investors. This meme coin has skyrocketed in popularity to get the tenth-biggest cryptocurrency in the world based on market cap. It certainly helped that Elon Musk actively promoted Dogecoin, even declaring himself the “Dogefather” and adding it to the shortlist of cryptocurrencies he owns.
5. Ethereum
Arguably no cryptocurrency offers equally much real-world utility every bitEthereum
(ETH
0.07%)
does right now. Its blockchain technology has multiple applications, including digital payments and non-fungible tokens. That could be why Robinhood includes it amid its few supported cryptocurrencies. Ethereum ranks behind only Bitcoin based on market place cap.
6. Ethereum Classic
Just equally Robinhood supports several members of the Bitcoin family, information technology also allows trading of a fork of the Ethereum blockchain called
Ethereum Classic
(ETC
i.12%). Actually, Ethereum Classic is the original Ethereum blockchain without changes made in 2016 in response to a major hack. It’s now the No. 33 cryptocurrency in the earth based on market place cap.
seven. Litecoin
The last cryptocurrency supported by Robinhood is
Litecoin
(LTC
-one.45%). Information technology’south the No. xiv cryptocurrency based on marketplace cap. Litecoin was developed to be similar to Bitcoin simply with very low transaction fees and some technological differences that arrive well-suited for bespeak-of-sale payments.
Market data only
The vii listed above are the only cryptocurrencies that can currently be bought and sold on Robinhood. However, the trading platform does support real-time market information for several other cryptocurrencies but doesn’t allow trading of them notwithstanding:
-
Bitcoin Gilt
(CRYPTO:BTG) -
Lisk
(CRYPTO:LSK) -
Monero
(CRYPTO:XMR) -
NEO
(CRYPTO:NEO) -
OmiseGO
(CRYPTO:OMG) -
Qtum
(CRYPTO:QTUM) -
Ripple
(CRYPTO:XRP) -
Stellar
(CRYPTO:XLM) -
Zcash
(CRYPTO:ZEC)
More on the way?
Robinhood CEO Vlad Tenev said on the visitor’s third-quarter conference call: “We hear this loud and clear. Our customers desire new coins, the ability to deposit and withdraw, every bit well as means to earn interest on their crypto.” Does that mean more cryptocurrencies will be supported on the trading platform in the time to come? Probably — but just how presently is unknown.
Tenev added that the company will “advisedly evaluate whether nosotros tin can add new coins in a fashion that’due south safe for customers and in line with regulatory requirements.” This cautiousness could mean that Robinhood’due south listing of supported cryptocurrencies volition remain at seven for a while.
Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
Source: https://www.fool.com/investing/2021/11/19/7-cryptocurrencies-you-can-buy-on-robinhood/