Robinhood, a top crypto financial services provider, has expanded its services to Hawaii, Puerto Rico, and the U.S. Virgin Islands. This expansion means that residents can now trade Shiba Inu (SHIB) alongside other digital assets. The aim is to make SHIB more visible and accepted in these regions. And customers in these areas can now buy and sell a whole range of digital assets supported by Robinhood, including Shiba Inu. This is part of Robinhood's wider plan to expand its services across the US.

Recent Expansions and Services

Over the past year, Robinhood has been gradually rolling out its crypto services in different regions. In October, the company launched cryptocurrency trading in Nevada, giving users the option to trade 15 different cryptocurrencies, including Shiba Inu. In April, Robinhood launched Shiba Inu, along with Compound (COMP) and Avalanche (AVAX) in New York. These moves show that Robinhood wants to make crypto trading available across the country.

Shiba Inu's Popularity on Robinhood

Adding Shiba Inu to Robinhood's offerings in these regions is expected to make the token much more visible. Shiba Inu has really taken off as one of the most traded assets thanks to its enthusiastic community and widespread popularity. This has opened the door to big SHIB purchases. For example, in May, someone with a lot of SHIB transferred 1.75 trillion SHIB from Robinhood to an unmarked wallet, which shows that a lot of trading is going on.

At the moment, Robinhood has a pretty big chunk of SHIB. The platform has one of the largest SHIB wallets, with 33.95 trillion SHIB tokens worth about $588 million. Also, two other wallets linked to Robinhood have 5.68 trillion and 4.8 trillion SHIB, which puts them in the top 20 largest SHIB holders. These holdings show just how big a role the platform plays in the Shiba Inu market. After Robinhood announced its expansion plans, the price of Shiba Inu saw a slight increase. SHIB gained 0.07% in the last 24 hours, trading at $0.00001682. This positive price movement is down to Robinhood's continued support and the increased ease of trading Shiba Inu.

Robinhood Buys Bitstamp to Boost Its Institutional Presence

Robinhood Crypto's recent moves fit in with the company's wider strategic plans. The company isn't just consolidating its presence in the U.S. — it's also planning international expansion. Johann Kerbrat, Robinhood Crypto's Vice President, said: "As we get ready to enter the EU market, it made sense to complete our U.S. expansion first." And there’s more. Robinhood has other things in mind besides just expanding geographically. The company recently announced the acquisition of Bitstamp, a top cryptocurrency exchange, for $200 million. This deal is expected to be wrapped up in the first half of 2025, once the regulators have given the all-clear. Kerbrat explained that the deal is a strategic move to boost Robinhood's market presence and attract institutional customers.

Conclusion

So, Robinhood's expansion to Hawaii, Puerto Rico, and the U.S. Virgin Islands is a big deal. It'll make it easier for people to get into Shiba Inu and other digital assets. The company's strategic moves, including the acquisition of Bitstamp, show that it's serious about growing its crypto services both at home and abroad. As Robinhood keeps on growing and supporting lots of different cryptocurrencies, it's well placed to play a big part in the changing world of digital finance.