Robinhood CFO, shiba inuof (SHIB) dashed hopes that it will be listed on the popular investment platform soon.
No SHIB in Robinhood
Shortly after Robinhood posted its fourth-quarter earnings on Thursday, chief financial officer Jason Warnick made several statements to reporters. Warnick said the company has been cautious about adding new crypto assets to the platform due to concerns that some cryptocurrencies may be considered unregistered securities by US regulators.
“We know our customers want new coins. The message is clear.” He stated that they are aware of the demands of the investors. Remarkably, the Shiba Inu community has made a great effort in recent months to persuade Robinhood to list SHIB, and a campaign on Change.org to do so has now surpassed 555,000 signatures. Still, Robinhood executives have repeatedly stressed that they await regulatory clarity before listing more cryptocurrencies, particularly the popular meme coin Shiba Inu.
Mainly a stock trading app, Robinhood has recently expanded into the crypto space. The popular platform has listed seven cryptos so far, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Also, Robinhood launched a public beta of its own cryptocurrency wallet this month and hopes to launch it before the end of March.
Robinhood CFO also stated that the platform is focused on rolling out crypto products to customers around the world over the next few months. According to Warnick, Robinhood is also gearing up to launch a debit card that will enable faster withdrawals soon.
On top of that, Robinhood experienced a boom in profits last summer mainly due to increased Dogecoin trading, and commissions from transactions contributed the majority of its total revenue. But now, these crypto-related transactions have decreased significantly in recent months and other product lines have lagged behind expectations.
Shares of Robinhood tumbled more than 11% on Thursday after the company’s fourth-quarter revenue and earnings fell short of analysts’ forecasts.
Interestingly, Bloomberg senior analyst Julie Chariell also believes this disappointing performance is due to Robinhood’s refusal to add SHIB.