On Tuesday, financial services company Robinhood announced that it had added Solana, Polygon and two other crypto assets to Robinhood Crypto. The addition will allow users to trade these and other tokens.
Around the same time, Terraform Labs CEO Do Kwon shared that the Terra bridge had brought support for Avalanche, Solana, Fantom and two other tokens.
Trading platform Robinhood lists Solana and three other tokens
Robinhood, which offers investors exposure to traditional financial and cryptocurrency markets, yesterday added Solana (SOL) among the cryptocurrency coins listed on its platform.
Alongside SOL, the online trading and brokerage service also added Shiba Inu (SHIB), Polygon (MATIC), and, Compound (COMP). In a published blog post, Robinhood cited a consistently growing user demand for a wider array of cryptocurrency options as the rationale for adding the tokens.
The addition of Solana into the basket of assets available for trading on Robinhood Crypto is a qualifying factor for the asset. Chief brokerage officer at the trading platform, Steve Quirk, revealed that Robinhood evaluates these assets using a rigorous framework before listing. Among other factors, assessment is done on security, technology, on-chain metrics, and legal/ financial variables before a token is listed on Robinhood.
The listing also means users get educational empowerment alongside facilitation to engage with cryptocurrencies. This addition of new cryptocurrency options comes on the back of Robinhood launching its crypto wallet last week to the two million users on the waitlist. Novel functionality the wallet brings to Robinhood is that users can now move their tokens to external wallets.
To learn more about these tokens, visit our Solana and Polygon guides.
Terra Bridge now supports Solana
The Terra network has updated the list of tokens supported by Terra Bridge – the network’s tool that facilitates the cross-chain movement of assets between Terra and other blockchains.
By introducing support for Solana, Avalanche, Osmosis, Moonbeam Network, and Fantom, Terra Bridge now enables users to move their holdings across Terra and 11 other blockchains. Terra chief Do Kwon remarked that it is the “easiest way to move funds in crypto.”
Users who wish to move their SOL via Terra Bridge have an option of modules to employ – Wormhole, Shuttle, and Axelar.
To learn more about these tokens, visit our Avalanche, Fantom and Terra guides.
IDEG Asset Management launches Ethereum product, as ex-Bitcoin funds take root
Elsewhere, according to a press release shared yesterday, British Virgin Island investment solutions provider, IDEG Asset Management has partnered with Coinbase Prime to launch the Ethereum Enhanced Portfolio.
The portfolio will be an actively managed fund to track the price of Ethereum’s native token, Ether. It would be combined with an arbitrage strategy tracing spot prices and futures, enabling the clients to optimize returns they derive from a risk-adjusted environment that holds down the high volatility synonymous with exposure to virtual assets.
The fund is limited to US investors and would be the first IDEG product on Ethereum. Company spokesperson Ian Stirling confirmed a minimum investment figure of $100,000, adding that investors will incur a fixed management fee. Details of the current amount of investment in the fund and the size of the portfolio, however, remain undisclosed.
T-I-M-E-S suite
The digital asset manager debuted the Ethereum Enhance Portfolio as part of a larger suite of products – TIMES, to mean Trust, Interest, Mining, Yield Earnings, and Structured Solutions. This suite would be available to qualified investors, allowing them to interact with compliant thematic digital asset strategies of varying risk levels to gain professional investment options.
The release also confirmed that IDEG has plans to schedule other thematic funds this year under the TIMES roof, with strategies on multi-coin DeFi yield farming and GameFi’s play-to-earn to be developed natively.
While Coinbase Prime will be taking the spot for sole custodian and prime broker for the fund, its choice comes from a relationship spanning more than two years since the two firms partnered for Asia Bitcoin Trust I and Atlas Mining Trust I in 2019. IDEG’s Chief Operating Officer Suen Son Poon explained that Coinbase assures compliance and safety of IDEG’s and its client’s assets.
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