Robinhood adds 4 cryptos, sends them climbing

Posted: 12 April 2022 5:20 pm

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Shiba Inu jumps 14%; Compound, Polygon, Solana rise as well. Also: Fidelity offers new crypto industry, metaverse ETFs.

Robinhood is offering four additional crypto assets to its investors as trading platforms take advantage of the growing popularity of digital assets.

And to attract the same crowd of young investors, Fidelity Investments is offering two new exchange-traded funds offering exposure to the crypto industry and the metaverse.

Robinhood said it’s giving its retail investors access to buy and sell Shiba Inu, Solana, Compound and Polygon, helping send the cryptocurrencies higher even as their largest competitor Bitcoin extends its slump.

Shiba Inu climbed 14% over the past 24 hours, the biggest gainer among cryptocurrencies tracked by Polygon gained 3% while Solana and Compound also advanced, bucking the downward crypto market trend that has seen Bitcoin extend its slump.

For a long-term view of Shiba Inu’s performance, see our guide.

No deposit or withdrawal for new cryptos on Robinhood yet

Investors can now buy and sell the four assets on the Robinhood app, but deposit and withdrawal won’t be available immediately, the company said in a blog post. That capability is coming soon, it added, without providing a specific time frame.

Robinhood recently started allowing users to move crypto assets to wallets off its platform. See that report.

“We have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform,” Robinhood Chief Brokerage Officer Steve Quirk said.

Fidelity offering two new ETFs

Meanwhile, Fidelity Investments said it’s expanding its lineup with the launch of Fidelity Crypto Industry and Digital Payments ETF (FDIG) and Fidelity Metaverse ETF (FMET). While the funds won’t offer direct exposure to cryptocurrencies, they will give investors the opportunity to invest in companies that support the digital assets ecosystem including those involved in crypto mining and trading, blockchain technology and digital payments process, Fidelity said in a press release.

“We continue to see demand, particularly from young investors, for access to the rapidly growing industries in the digital ecosystem, and these two thematic ETFs offer investors exposure in a familiar investment vehicle, ” Fidelity’s Head of ETF Management and Strategy Greg Friedman said.

The crypto ETF will invest at least 80% of its assets in equities included in the Fidelity Crypto Industry and Digital Payments Index and in depositary receipts representing the securities. The Fidelity Metaverse Index, which will also have 80% of its assets invested in Fidelity Metaverse Index, is designed to reflect the performance of a global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the Metaverse.

Learn more about investing in the Metaverse on our guide.

The two new passively managed ETFs will have expense ratios of 0.39%, the lowest available for ETFs of their kind, according to Fidelity.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

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