Robinhood Lists Avalanche (AVAX) And Stellar (XLM) Crypto Tokens

Popular retail brokerage Robinhood Markets Inc HOOD has added support for two new crypto assets on its platform. 

What Happened: Robinhood-listed Avalanche AVAX/USD and Stellar XLM/USD on its trading platform, briefly sending both tokens rallying on Monday.

AVAX and XLM are now on Robinhood @avalancheavax @StellarOrg #CryptoListing https://t.co/QtzBwskSdo

— Robinhood (@RobinhoodApp) August 8, 2022

AVAX rallied 10% from an intraday low of $27.66 to an intraday high of $30.50. At press time, AVAX was trading at $27.82. Data from CoinGlass shows that more than $3.6 million AVAX shorts were liquidated over the last 24 hours.

XLM rallied 8% from an intra-day low of $0.12 to an intra-day high of $0.13 over the same period.

See Also: Robinhood Discloses SEC Probe On Short Selling Rules Compliance

Why It Matters: Robinhood has taken a conservative approach toward listing crypto assets. After listing Dogecoin DOGE/USD in July 2018, the trading platform resisted calls to add new cryptocurrencies for nearly three years.

In April, Robinhood listed Compound COMP/USD, Polygon MATIC/USD, Solana SOL/USD, and the much anticipated Shiba Inu SHIB/USD.

Robinhood CEO Vlad Tenev said in a Q2 earnings call that the platform’s slow approach to listing cryptocurrencies would “pay off in the long term.”

“Some other crypto providers have come under scrutiny for listing unregistered securities on their platforms. This can be dangerous and misleading for customers,” said Tenev.

Rival crypto exchange Coinbase Global Inc COIN is under scrutiny from the U.S. Securities and Exchange Commission (SEC) for allegedly listing unregistered securities as crypto tokens on its trading platform.

Price Action: Coinbase shares traded 0.094% lower after hours, according to data from Benzinga Pro.

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