The general decline in the cryptocurrency market is encouraging trading platforms to look for alternatives to maintain their activity. To that end, Robinhood could return to the forefront with the listing of Cardano (ADA).
An opportunity for Robinhood to increase its revenue?
This year’s crypto winter took a toll on the business of many exchanges. If some were prepared, others did not escape. In this case, Robinhood. After two rounds of layoffs, the crypto exchange faced extreme market conditions. Earlier this year, it announced that it was partially suspending trading in digital assets.
However, he seems to have reconsidered his decision since he recently strengthened his support for cryptocurrencies. In fact, the exchange announced on September 1 that users can now trade the ADA token on its platform. Therefore, they can buy, sell or trade the token. This isn’t the only token that Robinhood has added recently, however.
After a rather complicated period, the crypto-enabled investment platform expanded its list of crypto assets. The initiative started last April with the addition of the Shiba Inu Memecoin (SHIB).
Similarly, Compound (COMP), Solana (SOL) and Polygon (MATIC) are also listed there. Later in July, the trading app added Uniswap (UNI) and Chainlink (LINK) to the list. As if that wasn’t enough, the exchange continued with support for Stellar (XLM) and Avalanche (AVAX).
A less successful boost then
Cardano’s (ADA) listing on Robinhood comes a few months after petitions from the token’s supporters. In fact, the latter instructed the trading app to add the token to trade alongside other crypto assets. Facing the growing demand, it finally announced to its 22.9 million users that their complaints are taken into account and they can trade ADA.
This addition comes before the long-awaited Vasil Cardano hard fork. After being postponed, the upgrade may happen soon. Meanwhile, the ADA price is not at its best. After many setbacks in August, the crypto is still struggling to recover.
Indeed, while major digital assets are swinging green again, the broader cryptocurrency market is bearish. Since the start of the downturn where most digital assets lost more than half their value, the sector has struggled to recover. So, despite Robinhood’s listing announcement, Cardano has yet to reach its $0.50 support according to Tradingview data.
Currently, Cardano (ADA) is trading at $0.45 and up 0.15% on the day. This confirms some predictions which claimed that the signal could fall back to this support if the markets continue their intended sharp decline. However, the listing ad on Robinhood may increase user interest.