Robinhood lists PENGU, POPCAT amid crypto ramp-up

Robinhood has listed memecoins Pengu (PENGU), Pnut (PNUT) and Popcat (POPCAT) arsenic the online brokerage doubles down connected cryptocurrency trading, it said connected March 13. 

The listings people Robinhood’s latest effort to grow its crypto offerings and vie with incumbent speech Coinbase.

Memecoin trading has go a cardinal battleground arsenic rival exchanges — including Coinbase and Binance.US — accelerate caller coin listings aft US President Donald Trump’s November predetermination win.

Robinhood listed caller memecoins. Source: Robinhood

Related: Robinhood tips Singapore launch, touts memecoin interest: Report

Strong demand

In February, Robinhood Crypto said its customers had shown strong request for much memecoin trading options. 

In summation to its recently launched coins, Robinhood lists Dogecoin (DOGE), the largest memecoin by marketplace capitalization. It besides launched crypto futures trading successful January. 

“We don’t privation to marque decisions for the lawsuit but if customers are asking for thing and we consciousness similar we person a mode to connection it safely, we volition bash it,” Johann Kerbrat, Robinhood Crypto’s vice president and wide manager, reportedly told Bloomberg. 

Robinhood, champion known arsenic a banal trading platform, has been investing heavy successful crypto products since past year. 

In February, the online brokerage reported a 700% year-over-year jump successful crypto revenues. 

Trump’s predetermination win and rising marketplace prices fueled across-the-board increases successful crypto trading successful the 4th fourth of 2024.

Robinhood’s alteration successful trading volumes for equities, options contracts and crypto. Source: Robinhood

Regulatory reversal

Trump — who has promised to marque America the “world’s crypto capital” — has appointed industry-friendly enactment to cardinal regulatory positions. 

In February, the US Securities and Exchange Commission said most memecoins bash not suffice arsenic securities and frankincense bash not autumn nether the regulators’ jurisdiction. 

This was a stark reversal from its stance nether Joe Biden’s medication erstwhile erstwhile SEC Chair Gary Gensler said helium thought astir cryptocurrencies constituted securities. 

The aforesaid month, the bureau dropped an enforcement enactment against Robinhood for alleged securities instrumentality violations tied to its crypto trading platform. 

X Hall of Flame: Memecoins volition dice and DeFi volition emergence again — Sasha Ivanov