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Seeking Alpha 2022-04-27 13:00:00

Implications Of Robinhood's Recent Addition Of New Cryptocurrencies To Its Platform

HOOD has lost 85%+ of its value since going public last summer due to a bad mix of softening user growth and a poor retail investing market climate this year.But the recent acceleration of developments made to Robinhood's crypto platform underscores renewed fundamental growth opportunities.Robinhood announced on April 12th the addition of Compound, Polygon, Shiba Inu and Solana to the growing list of cryptocurrencies supported on its investing platform.Paired with other new features rolled-out across its broader investing platform, as well as continued efforts on realizing its international aspirations, Robinhood is setting itself up for a massive growth horizon ahead.Although valuations have been significantly compressed across the board and within Robinhood's peer group, its underlying business growth potential alone in coming years could spell further upside for HOOD stock.

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