Robinhood Undecided on Shiba Inu
Earlier this month, Robinhood CFO said that the corporate was not prepared to extend its presence within the crypto market phase, which was a serious disappointment for Shiba Inu followers who hoped that the favored dealer would lastly listing the meme coin.
Through the earnings name, the corporate’s CEO Vlad Tenev stated that Robinhood was proactively participating with regulators to reply to prospects’ calls for to listing extra cryptocurrencies.
Nevertheless, Robinhood was anxious that numerous cash might be thought of unregistered securities by the SEC. As a reminder, the SEC vs Ripple courtroom battle continues to be ongoing, and its outcomes may have a huge effect on the crypto market, particularly if SEC wins the case.
Merchants Will Seemingly Have To Look forward to the Outcomes of SEC v. Ripple Case
Robinhood added that it supposed so as to add extra cash to the platform, however that it could be appearing prudently. At this level, it appears that authorized issues are the principle impediment in the way in which of latest listings.
It’s extremely seemingly that Robinhood, which continues to be not worthwhile and whose inventory is down by nearly 90% from 2021 highs, will keep away from taking an excessive amount of danger on the crypto entrance.
That is dangerous information for Shiba Inu bulls who desperately want a constructive catalyst because the meme coin continues to slip amid basic crypto market weak point and rising reputation of NFTs, which can have served as a substitution to meme shares and meme cash for some merchants and traders.
I’d additionally word that Shiba Inu bulls shouldn’t view the potential Robinhood itemizing as some form of silver bullet that can remedy all issues. Dogecoin is already out there on Robinhood and help from the corporate’s purchasers failed to offer sufficient help to the meme coin in current months.