Robinhood Adds Three New Cryptocurrencies for New York Users

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Commission-free stock and crypto trading platform Robinhood announced the addition of three new cryptocurrencies for users in New York. This development is significant as it expands the alternatives available in the cryptocurrency market. The newly added altcoins are Uniswap (UNI), Stellar (XLM), and Tezos (XTZ).

Robinhood Listings

With its latest announcement, Robinhood reported that it has included Uniswap, Stellar, and Tezos on its platform for customers in the New York area. The exchange has been gaining more attention due to its recent steps in the cryptocurrency sector. Robinhood gained considerable momentum during the GameStop incident in 2021.

Following the announcement, traders have begun to anticipate price fluctuations for these altcoins. Listings on major exchanges typically strengthen market sentiment and elevate asset prices. Since these listings can lead to increased liquidity for the respective altcoins, their effects may be observable in the medium to long term.

Possibility of XRP Listing

Robinhood’s decision to list XRP for its European Union users raises the possibility of doing the same for its U.S. customers. The outcome of the case between Ripple and the U.S. Securities and Exchange Commission (SEC) could provide regulatory clarity for XRP, moving it away from a gray area concerning listings.

Currently, the platform supports 14 cryptocurrencies for New York users, including Bitcoin , Ethereum , and Dogecoin . While speculation about XRP being added in the near future continues, anticipating major announcements before the October 7 appeals deadline may be premature.

After the addition of the three cryptocurrencies, the price of Uniswap rose by 0.73% to $6.84. Stellar’s price, on the other hand, experienced a 0.6% decrease, trading at $0.095. Tezos’s price remained nearly stable over the last 24 hours.

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