Robinhood won’t be buying crypto with company cash any time soon, and it won’t be adding to its stable of tradable assets, either.
“It’s not lost on us that our customers and others would like to see us add more coins,” said Robinhood finance chief Jason Warnick at the Wall Street Journal’s virtual CFO Network Summit this week (via Fox Business).
“We’re a highly regulated company in a highly regulated industry, and we think it’s important that we get a bit more clarity from regulators.”
Warnick’s comments came when he was asked if Robinhood planned to list meme token Shiba Inu.
Robinhood has ‘no reason’ to put its own cash into crypto
Last August, top US crypto exchange Coinbase achieved board approval to add up to $500 million worth of crypto to its balance sheet.
But apparently, Robinhood has no plans to give in to public demand and follow Armstrong’s lead.
“There aren’t compelling reasons strategically for our business to put any meaningful amount of our corporate cash into cryptocurrencies,” said Warnick.
Regardless, it’s not clear whether Robinhood posts enough consistent profit to even consider adding crypto to its balance sheet.
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