Shiba Inu, a popular meme token, has suffered a setback as Robinhood has no immediate plans to list new crypto assets. Jason Warnick, the CFO of Robinhood, said the company is cautious in light of conversations with regulators.
Warnick acknowledged the fact that customers are looking for new coins and tokens. He said the message is clear and Robinhood is committed to new assets. Robinhood highlighted that regulators may regard certain tokens as unlicensed securities. As such, the platform is unable to say when the new coins would be listed. Warnick had earlier said that several users have made multiple requests for new crypto assets to be listed on the platform. He had said it’s not lost on the company and new coins would be added in the near future.
The CFO explained regulatory clarity is essential for Robinhood to take can step as its a public company. Vlad Tenev, the CEO of Robinhood, had said safety concerns mean it can’t list any new asset without making sure that it meets specific regulatory criteria.
Moreover, the company has posted another quarterly loss. It lost 49 cents per share, and its revenue grew to $363 million, but it was shy of the $370 million targets. This prompted Robinhood’s share price to decline to a new record low in after-hours trading. The stock, as of Thursday afternoon, was trading around $10. It was much far from its $82 mark when the company first went public in mid-2021.
However, Robinhood is determined for a turnaround and is looking to offer new products such as retirement accounts and debit cards to facilitate quicker withdrawals. Warnick believes Robinhood’s crypto wallets will become a long-term strategic asset.