Stellar (XLM) and Avalanche (AVAX) coins are rallying after Robinhood announced today that it has added them to the list of tradable digital assets on the popular trading app.
AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) August 8, 2022
At the time of writing, XLM was trading at $0.1314 up 6.04% over the past 24 hours while AVAX was trading at $29.73 up 7.5% over the past 24 hours.
Both Avalanche and Stellar Lumen coins have been on a bullish trend since the beginning of August and the news of listing on Robinhood could send the prices of the tokens skyrocketing to new highs. The news has also come at a time when investors and crypto traders believe the crypto market is making a U-turn from its recent bear market.
Robinhood’s expansive crypto offering
Robinhood, which is predominantly known for stock trading, is known for its conservative listing policy especially when it comes to digital assets. But it has significantly expanded its crypto offering list this year.
Robinhood ventured into cryptocurrency in February 2018 by listing Bitcoin and a very small selection of altcoins. Later that year, the popular meme coin, Dogecoin (DOGE) was listed on Robinhood. The listing of Dogecoin sent the price of DOGE skyrocketing and forced the likes of Shiba Inu to start petitioning the trading app to also list it.
In early April 2022, the popular trading app added Solana (SOL), Shiba Inu (SHIB), and Polygon (MATIC) before adding Chainlink (LINK) in late June.
Early this year, Robinhood also started rolling out crypto wallets to allow users to withdraw cryptocurrencies from exchanges.