Shopper commerce and Funding app Robinhood set to limit holding and buying and selling of some main cryptocurrencies on its platform, only a week after the US Securities and Alternate Fee sued the exchanges Binance and Coinbase cryptocurrencies. The platform instructed Congress earlier this week that it was reviewing its crypto choices following the lawsuits.
There are two easy views one can have within the wake of Robinhood’s determination to finish assist for Polygon, Solana, and Cardano blockchain tokens: whether or not the corporate is simply too nervous or whether or not it takes a calculated enterprise determination.
After reviewing Robinhood’s newest quarterly outcomes, we imagine the choice is backed up with some cause.
Robinhood just isn’t new to getting screwed over by the federal government. Through the inventory craze, the corporate was dragged earlier than Congress to be questioned about its buying and selling controls and its willingness to supply subtle buying and selling instruments to much less subtle traders. Given this much less thrilling asset buying and selling market, the corporate is probably going reluctant to draw renewed curiosity from regulators and lawmakers.
However that is just one piece of the puzzle. Robinhood solely wants a easy risk-reward calculation: it is possible that the corporate merely is not incomes sufficient income from shoppers buying and selling these tokens to take the time to defend them.
Robinhood didn’t instantly reply to a request for remark.
