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Why Robinhood might not add Shiba Inu coin after all

Robinhood said it might not need Shiba Inu coin on its platfrom. Here’s why

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Shiba Inu cryptocurrency token continues to raise as it joins Coinbase.

Shiba Inu coin might not make it onto Robinhood after all.

Illustration by Alex Cochran, Deseret News

Robinhood might not need the Shiba Inu cryptocurrency coin on its platform, after all, the company said Thursday.

Per Fortune, Christine Brown, the chief operating officer of Robinhood Crypto, said that Robinhood isn’t trying to add new cryptocurrency coins soon, even though Shiba Inu fans are hoping for it to happen.

  • Brown said the company is unsure about adding newer coins since they have volatile markets and could be risky investments.
  • “Our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now,” Brown said, per Fortune. “We think that the short-term gain we might get is not worth the long-term tradeoff for our users.”

There have been rumors for a while that Robinhood would add Shiba Inu coin to its trading and investing app. Shiba Inu coins fans have pushed for the move because Robinhood is a major platform, which would expose more investors to the coin.

So far, both Coinbase, a popular trading platform, and Public, a retail trading app that rivals Robinhood, have added Shiba Inu coin. Fans have seen Robinhood as the final piece of the puzzle.

That said, the Financial Conduct Authority in the U.K. said cryptocurrencies — especially smaller and newer coins like Shiba Inu coin — could be risky investments for people.

  • “Investing in cryptoassets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of product, they should be prepared to lose all their money.”