COO Christine Brown says Robinhood Crypto is in no hurry, SHIB. to put on the list
Christine Brown, COO of Robinhood Crypto, called At the Crypto Goes Mainstream Live event today, the company took the time to review the listing of SHIB, the 11th largest cryptocurrency by market cap and the hottest asset since Dogecoin.
Christine Brown – COO of Robinhood Crypto
When asked about SHIB, she said:
“One of my favorite things to do is to see how the community around these coins actually interacts with us and tells us what they want.”
However, Brown said of the decision to list:
“We won’t talk about it at first.”
More importantly, the company is not following Coinbase’s path, with CEO Brian Armstrong vowing to become the “Amazon of Assets” and “list all legal assets.”
“I also think our strategy is a little different from that of many other players trying to list as many assets as possible. The short-term benefits that we can achieve are not worth the long-term compromise for users. ”
Brown reiterated that Robinhood is a “security company. We want to make sure that things are rated really well from a management perspective. ”
Robinhood, the mobile app that allows people to quickly trade popular stocks and seven cryptocurrencies, was previously criticized for its customer protection guidelines. The company had to pay a record $ 70 million fine to the Financial Industry Regulatory Authority (FINRA) in June for multiple issues.
- First, the service stopped working as of March 2020, which resulted in individual customers unable to complete the transaction. Many have lost “tens of thousands of dollars”.
- Second, FINRA said the company “has been neglecting to communicate false and misleading information since 2016,” resulting in customers seeing incorrect account balances or misinterpreting transaction risks. The incident culminated in college student Alex Kearns committing suicide in 2020, mistakenly believing he had lost $ 700,000 on the platform through leveraged trading.
All of this happened prior to Christine Brown’s tenure as Robinhood Crypto COO. After the takeover in April of this year, Brown, like in the early days of Coinbase, consistently attached great importance to customer security and compliance with legal requirements for crypto purchases.
Coinbase avoided listing multiple tokens for years before becoming the first publicly traded exchange in the United States: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Unlike Binance and others, they prefer a cautious approach that includes only reputable assets – no ICO coin spin-offs or assets that are seen as legal risk.
But in late 2018, six years after Coinbase was founded, CEO Brian Armstrong suggested adding to that list.
In 2020, the company began easing, adding 21 assets, and doing so massively this year. In the first half of 2021, Coinbase added 29 cryptocurrencies and the price did not decline in the second half. The exchange even recently listed Crypto.com Coin, which is used by a large competitor to motivate traders to get on their exchange.
However, Robinhood has adopted Coinbase’s strategy in other areas. Brown confirmed that 1.6 million app users are waiting to receive their wallets, which the company promised for most of the year. The wallet allows users to bring assets outside of the application and participate in decentralized finance and other areas of the crypto ecosystem. Brown says the company has already released an alpha version of the product.
All great, just don’t expect to be able to host SHIB on it.
The community stepped up the campaign to convince Robinhood to use SHIB and a. to put on the list petition on Change.org has now collected over half a million signatures.
At the time of writing, SHIB is trading for $ 0.00005353 and has been on the downward trend since Nov. 3, when a wallet with around $ 5.7 billion in tokens resumed.
4-Hour SHIB Price Chart | Source: Tradingview
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According to AZCoin News