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Robinhood Adds Tokens to Offering for US Crypto Clients

The Robinhood logo on a laptop arranged in the Brooklyn Borough of New York, U.S., on Monday, May 8, 2023. Robinhood Markets Inc. is scheduled to release earnings figures on May 10. Photographer: Gabby Jones/Bloomberg (Gabby Jones/Bloomberg)

(Bloomberg) -- Retail brokerage Robinhood Markets Inc. is adding cryptocurrencies Solana, Cardano, XRP and Pepe to its slate of tokens available for US users, as optimism in digital asset markets surges following Donald Trump’s election victory.

Memecoin Pepe —which is based on a cartoon frog— soared 51% to $0.000019 following Robinhood’s announcement on Wednesday, according to CoinGecko. Robinhood had previously removed Solana and Cardano from its platform after the US Securities and Exchange Commission filed lawsuits against crypto trading firms alleging these tokens were unregistered securities. 

Robinhood’s move comes amid a rally in Bitcoin and other cryptocurrency prices in the wake of Trump’s Nov. 5 election victory. Trump —a once time crypto skeptic— has pledged to create a friendly regulatory framework for crypto, set up a strategic Bitcoin stockpile and make the US the global hub for the industry.

Earlier this year, the SEC warned Robinhood it faced an enforcement action over its crypto business. Shortly after, Chief Executive Officer Vlad Tenev said the trading platform had responded to the regulator.

Menlo Park, California-based Robinhood is known for popularizing commission-free trading and serving everyday investors through a slick mobile app. On its website, the firm advertises clients can start trading with as little as $1. Competition among retail brokerages has heated up in recent years as consumers, including younger investors, have flocked to the markets.     

The additions bring Robinhood’s total cryptocurrencies available for trading to 19. These include memecoins Dogecoin and Shiba Inu, which are inspired by internet characters. 

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