Robinhood is not racing to list trending coins such as shiba inu, the trading platform's crypto chief told Decrypt.- The short-term gains for the platform would not be in the interest of its users,
Robinhood Crypto COO Christine Brown added. - Shiba inu's stunning rally has caused many users who exclusively use Robinhood to miss out on gains.
Robinhood Markets is not racing to list popular, trending coins such as shiba inu because the short-term gains for the platform would not be in the interest of its users, Robinhood Crypto COO Christine Brown said during Decrypt's live event Tuesday.
The overseer of all of Robinhood's crypto operations and compliance was asked when the trading app plans to list the coin, which has skyrocketed exponentially over the last 12 months.
"The first thing is that we're not going to talk about it," she replied.
Brown added that Robinhood does not intend to follow in the footsteps of Coinbase, whose CEO has made it his goal to list every coin legally possible.
"I also think that 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," she said. "We think that the short-term gain we might get is not worth the long-term trade-off for our users."
For now, Robinhood only has seven listed coins, with dogecoin the newest addition to its roster. That's a far cry from the over 100 assets Coinbase has listed.
Shiba inu's stunning recent rally has caused some retail investors to call on Robinhood to add the coin, which is now the 11th largest cryptocurrency by market valuation, according to CoinMarketCap. It has gained almost 570% in a month, compared with a rise of 20% in bitcoin, the largest cryptocurrency by market value.
Brown, who assumed her role in April, emphasized that Robinhood is a "safety-first company" and is "assessing everything from a regulatory perspective really well."
Despite her cautious stance and push for customer safety, Robinhood on Monday revealed that millions of its customers' personal information was exposed in a data breach last week.
The hackers obtained a list of email addresses for approximately 5 million people and full names for a different group of approximately 2 million people.