Stellar (XLM) and Avalanche (AVAX) coins are rallying after Robinhood announced today that it has added them to the list of traditional digital assets on the popular trading app.
AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #cryptolisting https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) 8 August 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 the Avalanche and Stellar Lumen coins have been on a bullish trend since early August and the news of Robinhood being listed could send the token prices to new highs. This news comes at a time when investors and crypto traders believe that the crypto market is making a U-turn from its recent bear market.
Robinhood’s Extensive Crypto Offering
Robinhood, which is primarily known for its stock trading, is known for its conservative listing policy, especially when it comes to digital assets. But it has expanded its crypto offering list significantly this year.
Robinhood entered cryptocurrencies in February 2018 by listing a very small selection of bitcoin and altcoins. Later that year, the popular meme coin, Dogecoin (DOGE), was listed on Robinhood. The listing of Dogecoin caused the price of DOGE to skyrocket and forced the likes of Shiba Inu to start a petition to list the trading app as well.
In early April 2022, the popular trading app added Solana (SOL), Shiba Inu (SHIB), and Polygon (MATIC) before adding Chainlink (LINK) in late June.
Earlier this year, Robinhood also started rolling out crypto wallets so that users could withdraw cryptocurrencies from exchanges.