Who Needs Shiba Inu? Robinhood Is Seeing Growing Demand For Dogecoin And Other Crypto Wallets

Robinhood Markets Inc HOOD may not be in a hurry to list Shiba Inu SHIB/USD but there is no dearth of demand for its cryptocurrency wallets that can be used to store Dogecoin DOGE/USD and other coins.

What Happened: The trading platform has 1.6 million people on the waitlist for its cryptocurrency wallets, the company’s Chief Operating Officer Christine Brown told Decrypt.

Brown declined to talk about decisions surrounding the listing of specific assets, including SHIB, in the Decrypt interview. 

She revealed Robinhood’s strategy was “safety first” and that the firm wants “to make sure that we're working in assessing everything from a regulatory perspective really well."

See Also: How To Buy Shares On Robinhood (HOOD) 

Why It Matters: Last month, the Robinhood cryptocurrency wallet waitlist was at one million — the latest revelation by Brown means the number of people waiting has grown by 60%.

The COO discussed Robinhood’s approach to token listing in the Decrypt interview. “We think that the short-term gain we might get is not worth the long-term trade off for our users,” she said.

Robinhood is taking a different road compared with rival Coinbase Global Inc COIN whose CEO Brian Armstrong said in August that the company’s approach is asset “agnostic.”

“Our overall approach is we're agnostic about which assets are going to win, we really just want to support every asset that's legal for our customers,” Armstrong said at the time.

Robinhood supports buying sand selling for Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.

Price Action: On Tuesday, Robinhood shares fell nearly 3.4% to $36.70 in regular trading. At press time, over 24 hours, SHIB traded 4.5% lower at $0.000054, while DOGE traded 5.33% lower at $0.27.

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