Robinhood Lists Lending Protocol Aave and PoS Blockchain Tezos, Now Offers 19 Crypto Assets

The popular trading app has about 18.7 million monthly active users.

Written by Shomik Sen Bhattacharjee, Edited by Siddharth Suvarna | Updated: 25 October 2022 19:15 IST

Photo Credit: Reuters

Aave and Tezos have native tokens with market capitalisations of over $1 billion

Highlights

Aave is a decentralised lending platform
Both Aave and Tezos have native cryptocurrencies
Tezos is a popular open-source smart contract platform

Popular crypto trading app Robinhood has announced support for Tezos (XTZ) and Aave (AAVE), meaning users can buy and sell them on any of its platforms. The 18.7 million active monthly users on the trading app would also have the option to trade Solana, Polygon, and Avalanche that were added this year. With the addition of Tezos and Aave, Robinhood now offers a total of 19 assets to trade in. Robinhood also listed its first stablecoin last month in the form of a USD Coin.

It is important to note that Aave is a decentralised lending protocol while Tezos is a proof-of-stake blockchain network and these both native tokens that are now supported by Robinhood have a market capitalisation of more than $1 billion (roughly Rs. 8,279 crore).

AAVE @AaveAave and XTZ @tezos are now on Robinhood #CryptoListing https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) October 24, 2022

Last month, Robinhood also listed its first stablecoin in the form of USD Coin. The trading app also recently announced it has launched its beta Web3 wallet and allowed 10,000 waitlisted customers to participate in the testing phase. The project is only available on iOS devices and allows users to trade cryptos without paying any network fees. By connecting to other decentralised applications, users can also earn yield.

According to Robinhood's CTO and general manager Johann Kerbrat, the wallet makes Web3 more accessible to everyone by eliminating all the possible complexities. Polygon was selected as its exclusive blockchain partner due to its “scalability, speed, low network fees, and robust developer ecosystem.” Robinhood has further disclosed that it will become a multichain wallet and support a wide number of blockchains.

“Leveraging the Polygon network provides a strong infrastructure for Robinhood Wallet due to its scalability, speed, low network fees, and robust developer ecosystem to provide one of the best trading experiences for customers. We are excited to partner with Polygon for our initial launch and look forward to offering multichain support in the future,” said Robinhood's senior product communications manager Oliver McIntosh.

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