Robinhood Expands Crypto Offerings with Pyth Network Token Listing
1min read Robinhood, the popular retail brokerage platform, has expanded its cryptocurrency offerings by adding the Pyth Network token (PYTH) to its platform. This move allows retail investors access to Solana-based infrastructure projects, further diversifying the platform's digital asset offerings.
The Pyth Network token (PYTH) is now available on Robinhood through a direct listing. The PYTH token represents a cross-chain oracle platform that delivers real-time price data across various asset classes, including equities, crypto assets, and commodities. The network sources data from institutional participants like exchanges and trading firms, making it accessible on-chain for decentralized finance applications.
This listing comes amidst recent regulatory shifts in the US, which have created a more favorable environment for cryptocurrency oversight. While trading volumes and plans for future token listings were not disclosed, the addition of PYTH tokens is a significant step in expanding Robinhood's crypto offerings.
In May 2024, Robinhood introduced Solana staking in Europe, offering a 5% APY to meet the demand for passive income opportunities among its users. Last November, the platform added support for several new cryptocurrencies to diversify its offerings and enhance accessibility.
