Residents of Hawaii, Puerto Rico, and the U.S. Virgin Islands can now engage in Shiba Inu (SHIB) trading through Robinhood’s platform, the company announced in a recent update. This expansion marks Robinhood’s ongoing efforts to broaden its services nationwide.
Robinhood’s move to introduce SHIB trading in these regions enables crypto enthusiasts residing in these U.S. territories to participate in buying and selling digital assets available on its platform. This includes Shiba Inu, among other supported cryptocurrencies.
The expansion into Hawaii, Puerto Rico, and the U.S. Virgin Islands is expected to increase visibility for Shiba Inu and potentially drive wider adoption of the token. This initiative follows previous expansions by Robinhood across the United States. In October, the platform extended its crypto trading services to Nevada, allowing users to trade 15 different cryptocurrencies, including SHIB. Earlier in April, Robinhood made SHIB, Compound (COMP), and Avalanche (AVAX) available to customers in New York.
Robinhood’s recent expansion efforts into these territories required obtaining necessary licenses, although specific details about these regulatory milestones were not disclosed by the company.
As of the latest update, Shiba Inu has seen a modest increase of 1.07% in the past 24 hours, trading at $0.00001731. This gain aligns with the broader trend seen in Bitcoin (BTC), which has also experienced a 0.76% increase over the same period.
Robinhood initially listed SHIB in April 2022 following significant demand from the Shiba Inu community. Since then, Robinhood has become a prominent platform for substantial SHIB transactions. In May, for instance, a major SHIB holder transferred 1.75 trillion SHIB from Robinhood to an untagged blockchain wallet.
Currently, Robinhood holds significant amounts of SHIB, with one wallet containing 33.95 trillion SHIB, equivalent to approximately $588 million, ranking it as the fourth largest holder of the token. Two other wallets affiliated with Robinhood hold 5.68 trillion and 4.8 trillion SHIB, respectively, placing these addresses among the top 20 largest SHIB holders globally.
Please note that this article serves for informational purposes only and should not be construed as financial advice. The opinions expressed here are the author’s own and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic bears no responsibility for financial losses incurred.