Robinhood Lists Cardano And Other Coins. Wen Hive?
Last year, around this time Robinhood decided to take crypto seriously, diverted resources and shift focus to make Robinhood Crypto a contender in the crypto trading space. What they did was they started working on building real crypto wallets, so Robinhood Crypto users can transfer their coins to and from the Robinhood platform. They were able to achieve this in a very short period of time. That was impressive.
Before this shift in their crypto strategy, Robinhood only had few coins available to trade on their platform and there were no real crypto wallets. Crypto traders on Robinhood could only buy and sell very limited amount of crypto coins they offered, and nobody would be able to transfer any coins to Robinhood from outside wallets, and transfer coins from Robinhood to outside wallets. For this reason, most crypto enthusiasts never took Robinhood crypto seriously.
They were able to implement wallets to the platform, and they were still able to offer zero commission trades. As I have written in the past, I believe this is game changer in crypto trading space and a threat to exchanges like Coinbase who has been relying on trading fees for their profits. Even with the implementation of wallets, Robinhood's Crypto journey would be a long one for several reasons. The biggest one is how they lost trust and confidence of people during the WallStreetBets GameStop stock trading freeze debacle.
Even if we disregard that public relations fiasco, Robinhood was way behind rest of the crypto world. There was and is a lot of work to be done to catch up. Just offering zero commission fee may not be enough. One of the obvious reasons, and things they would have to do is adding more coins to trade and offer traders wide variety of investment and trading options. As soon as wallets became a reality on Robinhood, they started adding more coins. Not a lot, and not too fast. Just a little be at a time.
One of their latest additions is Cardano. It has been added to Robinhood Crypto just today or yesterday. Cardano enthusiasts will definitely welcome this move. Even before listing Cardano, Robinhood was busy adding other coins like LINK, MATIC, COMP, SHIB, SOL, etc. Before only BTC, BCH, LTC, ETH, and DOGE used to be available on Robinhood. Now they also have AVAX, XLM and their list of listed crypto keeps growing.
The first question that comes to my mind and perhaps other Hive people is, WEN HIVE? Probably never. I don't want to be too pessimistic about the possibility of Robinhood listing Hive. But so far it seems to me the criteria they are using more focused on hype and volumes traded in other exchanges. While Robinhood, could become a competition to Coinbase, it is sad to see they are actually following the Coinbase's path. I have lost respect for Coinbase long time ago, when I realized they don't necessarily care about true decentralization and innovation in web3. Their primary goal is how to make more money and how fast.
It seems to me Robinhood is taking the same path. I believe such vision is short term, and they may just become irrelevant in a long term future of the crypto world. Of course, I would be biased when I say Hive is the perfect coin to list. The reasons I consider when making such claim or statement are not just based on blind bias. But also considering the importance of decentralized system and truth-fullness about them.
Robinhood doesn't need to believe in decentralization to build a crypto business. I understand that. However in a long run businesses and platforms that embrace the true benefits of what blockchain innovations offer will be the winners. In the end decentralization would be among the biggest benefits along with bonuses like property rights, ownership, financial independence. Now, I would think embracing these ideas would make Robinhood a better company that can withstand any future challenges in crypto world.
In fact, what made Robinhood a decent company was the idea they embraced in the beginning in building their business model, which was democratizing trading and investment. They understood how trading and investment wasn't accessible to everybody. Trading fees for each purchase or sale of stocks, lack of information about trading, and lack of decent mobile UI platforms served as an obstacle for many. Robinhood was able to break this barriers and make changes in the trading space.
Many bigger brokerages ended up removing trading fee on their platform, after losing market share to Robinhood. Great ideas, vision, and innovation make amazing things happen. Robinhood once was able to have all three. However, they have lost their ways along the way. Maybe money and profits change people and corrupt original vision. Maybe somewhere sometime wrong decisions were made.
With Robinhood Crypto and drastic changes they are making, Robinhood has a great opportunity to reinvest itself and become a visionary and an innovator once more. I don't think it is possible with following the same profiteering path of Coinbase. Coinbase too has strange ways of listing crypto. I have no doubt they give zero consideration for decentralization and innovation in crypto. Will Robinhood care about any of these? Then I ask again, Wen Hive?
On another news, Robinhood recently announced that they will pause withdrawing ETH, AVAX, COMP, LINK, MATIC, SHIB, and UNI during the Ethereum Merge. They are doing so for security reasons, as forks and new code transitions are complicated and nobody knows what to expect. Once the Merge happens and everything continues to work without any issues they will resume withdrawals. It is not clear how long the pause will last at this time. This pause shouldn't impact trading of these crypto assets.
At the same time, it looks like Robinhood will consider ProofOfWork ETH if forks happens after the Merge. They say they will review the situation after the Merge and take appropriate actions if needed. Hopefully, they will support ETHPoW as well if/when that happens. Or at least distribute the coins to ETH holders.
Should Robinhood list Hive or will Robinhood list Hive? What do you think? Let me know in the comments. Congratulations to all Cardano holders!
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Robinhood always been stocks company. Now they have included crypto is truly impressive. I suppose you should follow where there is money involved. And the future is crypto and technology !
Crypto has evolved to new highs and Hive holds similar potential. Thanks for sharing your analysis 😁❣️
Robinhood is definitely one of tht stock company to be recon with too, adding crypto to it structure is definitely a statement that Cryptocurrency is gaining weight everywhere now
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I also think that HIVE could never be added to this platform, which has been slowly developed during a long time.
This is a very good one, seeing organization like this going Into crypto is definitely a very good development too
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I guess robin hood just seems to be another clone of coinbade again which is unfortunate
Robinhood giving traders more options for trade means progress. As they say, Robinhood makes investment simple.
Hive is seemingly an underdog crypto project for most outside the ecosystem, it's only we inside that can see and tell how big it is in here! I've seen a few significant exchanges that rather list a meme coin than list Hive.
I really don't know how the listing process works. But could it require some level of marketing? If RH exchange is so significant, and it will mean better value for most on the Hive Blockchain, a simple support mail could help remedy this seeming oversight. It shouldn't take much to add to a listing (don't have the whole facts though)
Robinhood could list Hive if Hive becomes a Top 20 coin. What they're looking for are the popular coins and tokens, so they're not likely to list coins and tokens that fall further down the list. Hive will need to become a mainstream Web3 platform before you'll see it on Robinhood.
That is true, they look for popular coins. My issue with that is they don't care about the true benefits of blockchain and decentralization.
Yeah, they're less concerned about the benefits of the technology than they are in making money on the popular trades. They work for shareholders.
Thank you greatly for the piece of information and post but I think Robinhood should list Hive as a form of transformation,its a thought just. Thank you.
Yay! 🤗
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well, of course, if they are smart they will list HIVE!! 😎💪😉
The whole Robinhood raise is Amazing, from just trading inside their platform, to a free transaction was awesome.
Their business model was indeed what bring them to the mainstream, and their systematic growth was good as well, adding crypto one after the other is a nice idea to me because it will help them to make precise entire of codes and also necessary programs.
And hive can also be the next to be listed on Robinhood, as a friend will always say if only we can make noise they are someone that will differently hear us so if we can create awareness it can be done,
I personally want BINANCE to list HBD too.
Hive obviously still has a tall ladder to climb for its world wide popularity , use and acceptance to come to play . This is the more reason why we should all endeavor to bring value to this decentralized blockchain platform as it tends to adds uttermost value to us in return . It’s a Marathon not a sprint , those in question will pay attention to Hive eventually , hopefully the attention won’t cost a fortune by then .
Super interesting, yet again.
Gosh. I learn so much from your articles!
My thoughts are... we still seem to be allocating blame far too much as a species. We blame "the system" for being dysfunctional. Capitalism for being unfair... it goes on and on.
What you speak of here is (yet again) US bringing our same messed up values into a new set up / system and messing it up because of skewed intentions.
I find this heartbreaking when blockchain tech and W3 could well be the solution we've all been yearning for and need desperately right now.
Here we see... if we don't change OUR motivation and see to our own fears and self serving ways, we are just going to mess up the possibilities yet again.
I have no doubt that, then, most people will turn around and try and blame the technology instead of the thinking and the way people with unhealthy thinking chose to make use of it :(
I hope some real Robin Hood's step up and make use of all of this to honestly focus on bringing equality, power and a real sense community back to The People, instead of just trying to make as much money off it as they can.
I still believe in us 👍💥