Robinhood Adds Aave and Tezos (XTZ)

Stock and crypto trading app Robinhood lists Aave and XTZ on their trading platform.

Robinhood now supports 19 cryptocurrencies in total including memecoins such as DogeCoin and Shiba Inu.

Robinhood’s shares jumped 14% on rumors that of acquisition from Sam Bankman Fried.

Stock trading app Robinhood listed Aave and XTZ on their commission-free trading platform today. Aave is a DeFI lending protocol that allows users to trade crypto for interest and borrow both crypto and real-world assets. XTZ is the native token of the Tezos blockchain, which is a decentralized blockchain network.

In a tweet today, Robinhood announced that it had listed Aave and Tezos.

“AAVE @AaveAave and XTZ @tezos are now on Robinhood,” the crypto platform said in its announcement.

AAVE @AaveAave and XTZ @tezos are now on Robinhood #CryptoListing https://t.co/QtzBwskSdo
— Robinhood (@RobinhoodApp) October 24, 2022

Notably, the announcement comes two days after the platform disclosed that it was looking to list new tokens.

With the new listings, Robinhood brings its tally of listed crypto assets to 19. Aave and Tezos join recent listings like Cardano’s ADA and Circles USDC, which Robinhood listed at the end of August and in the middle of September, respectively.

The native crypto currency of decentralized lending platform Aave, AAVE has gained 7% over the past 24 hours and is up 18% in October. The token remains lower by about 75% over the past year.

XTZ is little-changed today and down modestly for the month of October. It’s also lost roughly 75% of its value over the past year. An open-source smart contract platform used to issue new digital assets and create decentralized applications (dapps), Tezos recently announced a partnership with Shopify.

Robinhood now offers 19 crypto tokens for trading on its app, bitcoin (BTC), ether (ETH), Solana’s (SOL) and Polkadot’s (DOT) among them.

What is Robinhood

Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California, that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrencies via a mobile app introduced in March 2015.

What is Aave? (AAVE)

One of a number of emerging DeFi cryptocurrencies, Aave is a decentralized lending system that allows users to lend, borrow and earn interest on crypto assets, all without middlemen.

Running on the Ethereum blockchain, Aave instead is a system of smart contracts that enables these assets to be managed by a distributed network of computers running its software.

This means Aave users do not need to trust a particular institution or person to manage their funds. They need only trust that its code will execute as written.

At its core, the Aave software enables the creation of lending pools that enable users to lend or borrow 17 different cryptocurrencies including ETH, BAT and MANA.

What is Tezos (XTZ)

Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez. The Tezos network achieves consensus using proof-of-stake.

What is Blockchain

A blockchain is a type of distributed ledger technology (DLT) that consists of growing list of records, called blocks, that are securely linked together using cryptography.

Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves).

The timestamp proves that the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a chain (compare linked list data structure), with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

What is Robinhood and how does it work?

Robinhood provides 100% commission-free stock, options, ETF and cryptocurrency trades, making it attractive to investors who trade frequently. Still, these days many big-name brokers also offer free trades, so it makes sense to compare other features when picking a broker.

How Does Robinhood Make Money?

Robinhood makes money in a number of ways, notably through a system known as payment for order flow. That is, Robinhood routes its users’ orders through a market maker who actually makes the trades and compensates Robinhood for the business at a rate of a fraction of a cent per share.