Robinhood adds trading support for SHIB, AVAX, and COMP for New York users

Robinhood has added support for three new tokens for traders in New York.

An update the stocks and crypto trading app shared on Wednesday listed Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) as the three new tokens its users in New York can now trade.

Attention New York 🚨 Shiba Inu ($SHIB), Avalanche ($AVAX) and Compound ($COMP) are now available for New York State residents!

Buy, sell and trade your favorite crypto assets on the Robinhood app.

See the full list of assets available:

— Robinhood (@RobinhoodApp) April 24, 2024

Robinhood expands list of tokens available to New Yorkers

The announcement by Robinhood brings SHIB, AVAX, and COMP to New York residents who already can buy, sell and trade eight other top cryptocurrencies on the Robinhood app.

Before today’s roll out of the three digital assets, Robinhood’s crypto trading offer for New Yorkers had Bitcoin (BTC) and several top altcoins.

There’s Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Chainlink (LINK) and Aave (AAVE).

AVAX, SHIB, COMP prices down

While Robinhood’s announcement is a positive signal for AVAX, SHIB and COMP, the tokens have dipped sharply in the past few hours as the broader crypto market slips.

This comes as Bitcoin price fell below $65,000 again and Ethereum price retreated to below $3,200. The total crypto market cap was down 3.2% to $2.51 trillion.

The decline includes Shiba Inu’s 6% drop, Avalanche’s 5.5% dip and Compound’s 3.4% as at the time of writing on Wednesday, April 24.

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Avalanche’s AVAX changed hands around $36.86, Shiba Inu’s SHIB traded at $0.00002578 and Compound’s COMP changed hands near $57.49.

In June last year, Robinhood delisted Cardano, Polygon and Solana. The move came after the US Securities and Exchange Commission (SEC) named these tokens as securities in is lawsuit against crypto exchanges Coinbase and Binance.

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