Trading App Robinhood Adds More Cryptocurrencies To Its Platform

Tezos XTZ/USD and Aave AAVE/USD tokens have been introduced to the trading platform Robinhood Markets Inc. HOOD, enabling users to purchase and trade the cryptocurrencies.

Robinhood tweeted the announcement on Monday, along with a link to a web page displaying the newly listed cryptos on Robinhood.

Aave is a decentralized lending protocol, while Tezos is a proof-of-stake blockchain network.

See Also: Jim Cramer Warns Young Investors About 'Joke Crypto' And The 'Invest By Anger' Method

Market capitalizations for each of their native tokens exceed $1 billion.

They are the most recent cryptocurrency assets to be introduced to Robinhood, which claims to have 18.7 million active monthly users.

This year, the company added several cryptos, including Polygon, Solana, and Avalanche.

The marketplace now offers a total of 19 crypto assets after today's inclusion.

In the form of USD Coin USDC/USD, Robinhood also listed its first stablecoin last month. With a test version made available to about 10,000 customers last month, Robinhood is releasing its own cryptocurrency wallet as part of another effort to court the market for crypto traders.

See Also: Why Bitcoin Can Be A Potential Insurance To The Financial Crisis: Report

The Polygon framework is helping IT build the final framework.

The development comes at a time when Robinhood's competitors are also looking at expanding their footprints in the crypto industry.

Last week, European digital bank N26 launched its own cryptocurrency trading service.

Revolut, another neobank, has received regulatory authorization from the U.K. to provide cryptocurrency services there.

See Also: Why Bitcoin Can Be A Potential Insurance To The Financial Crisis: Report