Investment Platform Robinhood Lists Cardano (ADA) for Trading

Crypto-friendly investment platform Robinhood announced Thursday that Cardano (ADA) is now available for trading. This means that Robinhood users can now buy and sell ADA alongside other crypto assets on the trading platform.

The company said it added support for the cryptocurrency due to increasing demand from users.  Over the past few months, Cardano supporters have filed several petitions requesting Robinhood to list ADA for trading on its platform.

Robinhood Lists ADA Ahead of Vasil Upgrade

The listing comes ahead of the highly anticipated Cardano’s Vasil hard fork upgrade, which is scheduled to take place in September this year. The upgrade is designed to increase the network’s scaling capabilities.

Meanwhile, despite Robinhood’s listing announcement, the price of ADA failed to impress. At the time of filing this report, the crypto asset was trading at $0.44, down more than 2% on the day.

It is important to note that the broader crypto market is in a bearish state, with all major cryptocurrencies slightly trading in red. 

Robinhood Increases Crypto Listings

Robinhood, which caters to over 22.9 million users, has in recent months increased its support for crypto assets after announcing earlier this year that it is partially pausing such activity.

In April, Robinhood listed Shiba Inu (SHIB) after pressure from the Shib Community to add support for the memecoin.

At the same time, the trading app also listed Solana (SOL), Polygon (MATIC), and Compound (COMP) for trading. And in July, Robinhood added support for Chainlink (LINK) and Uniswap (UNI). 

Last month, Avalanche (AVAX) and Stellar (XLM) were listed on the platform after demands from users. Just recently, the app launched support for deposits and withdrawals of MATIC on the Polygon chain for faster transactions and lower fees as compared to Ethereum (ETH).

With these new listings, Robinhood may be looking to attract new users and increase revenue to cope with the current bear market. The company has already slashed a quarter of its workforce in its second round of layoffs this year to cut costs amidst extreme market conditions.