Robinhood to End Support for Cardano, Polygon, and Solana

Alan Sayer
June 12, 2023 12:02 pm

US brokerage platform Robinhood Markets announced last week that it will be ending support for three cryptocurrencies: Cardano (ADA), Polygon (MATIC), and Solana (SOL), with the change going into effect on June 27.

We regularly review the crypto we offer on Robinhood,” the company said in a statement. “Based on our latest review, we’ve decided to end support for Cardano, Polygon, and Solana on June 27th, 2023 at 6:59 PM ET.”

Users holding any of these cryptocurrencies on Robinhood will have until June 27 to sell or withdraw them. Users are also able to transfer them before the deadline. After that date, any ADA, MATIC, and SOL in a user’s account will be sold at market price, with the proceeds transferred to the user’s Robinhood account.

Robinhood

While the decision to end support for Cardano, Polygon, and Solana comes as part of the company’s regular review, it also follows the three tokens being named as securities in the recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.

Currently, Robinhood offers users the ability to buy and sell 18 cryptocurrencies. However, that will drop to 15 once ADA, MATIC, and SOL are removed. The platform will continue to allow users to trade digital currencies such as Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu and more.

The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen more than 4% in the last week, while Ethereum is down over 7% over the last seven days.

LeapRate Analyst

Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.
Tags:

Read Also: