Robinhood adds tokens to its platform as crypto enthusiasm surges following the election
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- Robinhood has added new crypto tokens to its platform, including XRP and memecoin Pepe.
- The brokerage is also re-listing Solana and Cardano, which it removed last year amid an SEC crackdown.
- The additions follow a wave of enthusiasm for crypto since the election, which has pushed bitcoin above $90,000.
Robinhood is beefing up its crypto offerings for its users as enthusiasm for digital assets skyrockets since Donald Trump's election victory.
The retail brokerage has added a handful of cryptocurrencies to its platform, including XRP and Pepe, the company announced Wednesday. The brokerage also re-listed Solana and Cardano, which it had removed last year amid a crackdown by the US Securities and Exchange Commission.
Coinbase also added Pepe, a memecoin based on an an illustration of a frog, on Wednesday. The coin surged over 51% to an all-time high of $0.000019 following the news, according to data from CoinMarketCap.
The new tokens available to Robinhood users come as the crypto industry cheers Donald Trump's win in the US presidential election.
Trump has billed himself as the "crypto president" and frequently voiced his support for the industry throughout his campaign. He delivered a speech at a bitcoin event over the summer, with promises to create a "bitcoin national stockpile" and even launched a stablecoin under his crypto company.
Trump is expected to support policies easing regulation over the industry during his term, and has vowed to fire SEC chair Gary Gensler, who has taken a hard line on the sector.
Part of Gensler's approach has included cracking down on large crypto exchanges like Coinbase and Binance. Last year, the SEC filed lawsuits against the exchanges, arguing that tokens like Solana, Cardano, and Polygon are unregistered securities.
Bitcoin has surged to all-time highs since the election, skyrocketing to above $92,000 on Wednesday afternoon. Industry proponents say the election marks a major turning point for the industry.