Robinhood adds Aave, Tezos trading for its crypto users, stock slips (NASDAQ:HOOD)
Despite depressed cryptocurrency prices from the start of 2022, Robinhood Markets (NASDAQ:HOOD) has enabled its users to buy and sell Aave (AAVE-USD) and Tezos (XTZ-USD), both of which are down over 70% Y/Y, the retail trading app said via Twitter on Monday.
Looking at intraday price action, though, Aave (AAVE-USD) rose 6.3% to $88 at 11.53 a.m. ET amid a broader risk-on session, while Tezos (XTZ-USD) was roughly flat at $1.36. Robinhood (HOOD) stock dipped 2.8% at the time.
That brings Robinhood’s (HOOD) total token listings to 19, including bitcoin (BTC-USD), ethereum (ETH-USD), cardano (ADA-USD), chainlink (LINK-USD) and solana (SOL-USD).
Crypto prices have taken a huge beating from the beginning of the year as the government’s fading fiscal stimulus as well as the Federal Reserve’s monetary tightening take there toll on liquidity. But that hasn’t appeared to have stopped Robinhood (HOOD) from expanding its support for tokens on its platform, perhaps as retail market participants still seek crypto trading exposure.
The move followed Robinhood’s pact with stablecoin-issuer Circle to let users buy and sell USDC (USDC-USD).
Read More: Robinhood adds Aave, Tezos trading for its crypto users, stock slips (NASDAQ:HOOD)
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