The International Business Times predicted via financial expert Del Crxpto that Robinhood would list Shiba Inu sometime in September. We had reported that the token is 'locked and loaded' on its app and would soon be out for trading after Binance and Coinbase listed it.
However, the latest update on the development indicates that there could be a delay in listing SHIB as Robinhood confirmed it's working on releasing a 'crypto wallet' to its users first, and may add Shiba Inu after expanding its exchange and wallet services.
''@RobinhoodApp Update: New narrative, @RobinhoodApp may add $SHIB AFTER expanded exchange & wallet services. Currently, @RobinhoodApp does not charge for crypto trading but they see the money $SHIB can create. The project is behind as they try to integrate multi-blockchains,'' tweeted Del Crxpto on the upcoming developments related to Robinhood and Shiba Inu.
Reports were recently out that Robinhood is testing its upcoming crypto wallet on its app that allows users to transfer cryptocurrencies such as Bitcoin, Ethereum and Dogecoin and provide investors a single place to store digital currencies that would be protected by a private key. The upcoming Robinhood feature is already available on Coinbase and Gemini Trust.
Robinhood's share price jumped +2.1% and reached $41.54 in the day's trade as soon as news broke that it is testing an upcoming crypto wallet and make it easier for investors to send and receive digital currencies.
The CEO of Robinhood, Vlad Tenev, spoke to Bloomberg about the development of the crypto wallet and said that the company is working to meet the demands of the investors. ''It's something that our teams are working on. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it's done correctly and properly.''
However, Tenev did not specify a timeline as to when the crypto wallet would be accessible to it users but stated its presently in the support and testing process.
Robinhood sees potential revenue in cryptocurrencies and earned $233 million in digital currency revenue and 62% of the transaction came from Dogecoin alone.
Shiba Inu at the time of publishing was trading at $0.00000711 and is up +2.59% in the days trade.