Robinhood has listed memecoins Pengu (PENGU), Pnut (PNUT) and Popcat (POPCAT) as the net brokerage doubles down on cryptocurrency buying and selling, it stated on March 13.
The listings mark Robinhood’s newest effort to broaden its crypto choices and compete with incumbent trade Coinbase.
Memecoin buying and selling has turn out to be a key battleground as rival exchanges — together with Coinbase and Binance.US — accelerate new coin listings after US President Donald Trump’s November election win.
Robinhood listed new memecoins. Supply: Robinhood
Associated: Robinhood tips Singapore launch, touts memecoin interest: Report
Sturdy demand
In February, Robinhood Crypto stated its prospects had proven strong demand for more memecoin buying and selling choices.
Along with its newly launched cash, Robinhood lists Dogecoin (DOGE), the biggest memecoin by market capitalization. It additionally launched crypto futures trading in January.
“We don’t need to make choices for the client but when prospects are asking for one thing and we really feel like we've a solution to supply it safely, we'll do it,” Johann Kerbrat, Robinhood Crypto’s vp and normal supervisor, reportedly advised Bloomberg.
Robinhood, greatest often known as a inventory buying and selling platform, has been investing closely in crypto merchandise since final 12 months.
In February, the net brokerage reported a 700% year-over-year jump in crypto revenues.
Trump’s election win and rising market prices fueled across-the-board will increase in crypto buying and selling within the fourth quarter of 2024.
Robinhood’s change in buying and selling volumes for equities, choices contracts and crypto. Supply: Robinhood
Regulatory reversal
Trump — who has promised to make America the “world’s crypto capital” — has appointed industry-friendly management to key regulatory positions.
In February, the US Securities and Trade Fee stated most memecoins do not qualify as securities and thus don't fall underneath the regulators’ jurisdiction.
This was a stark reversal from its stance underneath Joe Biden’s administration when former SEC Chair Gary Gensler stated he thought most cryptocurrencies constituted securities.
The identical month, the company dropped an enforcement action against Robinhood for alleged securities regulation violations tied to its crypto buying and selling platform.
X Corridor of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov
