The Robinhood crypto COO says they are not in any rush to add tokens like SHIB and DOGE despite the demands from crypto users. Following her attendance at the Crypto Goes Mainstream live event, we learn more about what she had to say so let’s read more in our latest altcoin news today.
Christine Brown, the Robinhood Crypto COO said during the live event that the company is taking time in listing Shiba Inu as the 11th biggest crypto by market cap as well as DOGE which helped the platform surge into the crypto conversation. She said that they will not talk about it, regarding the decision to list specific assets. The company is not following the route of Coinbase for example whose CEO Brian Armstrong pledged to become the Amazon of assets and to list each asset that is legal. Brown said:
“I also think that our strategy is a little bit different than a lot of the other players out there who are just racing to list as many assets as possible right now. We think that the short-term gain we might get is not worth the long-term trade-off for our users.”
Brown reiterated that Robinhood is a safety-first company and said that they want to make sure that they are working to assess everything is right from a regulatory perspective as well. Robinhood is a mobile app that allows people to trade popular stocks and cryptocurrencies which was under heavy fire over its customer protection policies. The company recieved a record $70 million fine from the Financial Industry Regulatory Authority in June because of plenty of issues. There were many service outages that resulted in individual customers being unable to complete the trades and according to FINRA, tens of thousands of dollars were lost.
FINRA said the company communicated false and misleading information all the way back in 2016 which caused the customers to see wrong account balances which culminated in 2020 when Alex Kearns killed himself after he thought he lost $700,000 on the platform. All this happened before Brown was COO. She came in April this year and emphasized customer safety and regulatory compliance for the crypto purchases. years before it became the first publicly traded crypto exchange, Coinbase for example shielded away from listing more tokens so, unlike Binance, it preferred a cautious approach that embraced established assets.
Six years after Coinbase was founded, CEO Brian Armstrong hinted at expanding the list and announced:
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner.”
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