Online brokerage platform Robinhood announced Thursday that it had added support for the Cardano (ADA) cryptocurrency.
The Nasdaq-listed company has significantly expanded the list of available cryptocurrencies this year after refraining from listing new digital tokens for a long period of time.
The latest listing comes on the cusp of Cardano's Vasil upgrade, which is expected to finally take place this September, according to founder Charles Hoskinson.
Traders do not seem to be overly excited about the listing. The ADA token is still down 0.4% in spite of the Robinhood listing, struggling to buck the broader bearish trend.
As reported by U.Today, Robinhood added meme coin Shiba Inu (SHIB) in April after a petition to list the token surpassed half a million signatures. The commission-free investing app also enabled support for Polygon (MATIC), Solana (SOL) and Compound (COMP) that month.
In late June, Robinhood listed Chainlink (LINK), the native token of the oracle application of the same name.
On Wednesday, the popular trading platform also launched MATIC deposits and withdrawals on the Polygon network in order to ensure cheaper fees and faster transactions.
After riding the bull market wave in 2021, Robinhood saw its shares plummet in 2021, with active users abandoning platforms. Its assets under custody declined by 37% in the second quarter of the year.
The company recently said that it had fired a quarter of its staff due to the unfavorable economic climate.
The HOOD stock is down 1.36% in premarket trading.
Yuri Molchan
Denys Serhiichuk
Dan Burgin
Vladislav Sopov