- Robinhood has added support for the cryptocurrency BNB on its U.S. platform.
- BNB is the fourth largest cryptocurrency by market value, currently worth about $149.5 billion.
- Coinbase also recently announced plans to list BNB and made it live for trading.
- BNB was launched through Binance’s initial coin offering in 2017 and has been historically hard for U.S. investors to access.
- Experts say listing BNB benefits exchanges by meeting customer demand and showing market maturity.
Robinhood began offering the Binance-linked token BNB to its users in the United States on Wednesday. This move adds the fourth largest cryptocurrency by market capitalization to its available assets for trading.
The token, valued at approximately $149.5 billion, was made accessible on the same day as a similar release by Coinbase. Coinbase had earlier added BNB to its listing roadmap and began trading on its platform at the same time.
While Coinbase supports hundreds of cryptocurrencies, Robinhood offers a more limited selection, with about 41 tokens available through its mobile app in the U.S. The addition of BNB expands its crypto offerings to meet growing demand.
BNB, launched by the world’s largest crypto exchange Binance during its 2017 initial coin offering (ICO), was traditionally difficult for American traders to buy. Rivals like Kraken only added BNB support recently, in April. On Wednesday, BNB traded at around $1,070, down 2.1% over 24 hours and 22.3% from its recent peak of $1,370.
Shane Molidor, CEO of a platform connecting crypto startups with market makers, said that supporting BNB is in the best interest of exchanges like Coinbase and Robinhood. He explained, “It is so well established within global web three communities that an exchange would be doing themselves a disservice by not supporting trading of that asset.”
Crypto exchanges perform multiple roles beyond matching buy and sell orders. Molidor noted, “For exchanges, in many instances, they’re perceived as investment advisors by their communities.” Supporting widely used assets like BNB serves as a form of approval and meets customer needs.
He added that Coinbase is showing its growth as a balanced marketplace by listing BNB. This reduces the need for customers to use multiple trading platforms to access major cryptocurrencies. Molidor concluded, “If an asset has widespread decentralization, real utility, and a high valuation, they must list it.”
For more details, see the announcements from Robinhood and Coinbase.
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