Commencing this Wednesday, individuals residing in New York will be able to engage in the trading of Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) on the Robinhood platform. This initiative significantly widens the spectrum of cryptocurrencies available to New Yorkers, bringing the total number of digital assets accessible on the platform to 11.

Robinhood’s decision to incorporate Shiba Inu, Avalanche, and Compound into its list of tradable tokens in New York underscores its dedication to enriching trading opportunities for local residents, as emphasized in a recent announcement. These additions join the existing array of options such as bitcoin (BTC), ether (ETH), dogecoin (DOGE), bitcoin cash (BCH), chainlink (LINK), litecoin (LTC), ethereum classic (ETC), and aave (AAVE).

The notification regarding this update was conveyed to New York users through email, as outlined by The Block.

This strategic move by Robinhood to expand its cryptocurrency offerings in New York mirrors its continuous endeavors within the digital asset domain. Noteworthy is the platform’s previous action in June of the preceding year when it attracted attention by removing three cryptocurrencies — Cardano (ADA), Polygon (MATIC), and Solana (SOL) — in response to a statement from the U.S. Securities and Exchange Commission (SEC) regarding their classification as securities.

Subsequent to this announcement, there was a marginal decline in the prices of AVAX, SHIB, and COMP, as reported by The Block.

At present, AVAX is valued at \(37.48, while SHIB and COMP are trading at \)0.000026 and $58.35, respectively.

Despite these slight fluctuations, the introduction of these tokens to Robinhood’s offerings in New York opens up fresh avenues for trading and investment prospects for the residents of the Empire State.

In summary, Robinhood’s decision to enable the trading of Shiba Inu, Avalanche, and Compound for New York residents signifies an expansion of its cryptocurrency portfolio in the state, granting investors access to a more diverse range of digital assets on the platform.

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