Optimism (OP) Goes Live on Robinhood, But There's a Catch

There is a new development for cryptocurrency traders as Optimism (OP) has been listed for trading on the Robinhood Crypto platform.

Robinhood expansion

According to the official announcement from Robinhood Crypto, the listing comes with a catch, as it is only available to users in select European Union (EU) jurisdictions.

The exchange’s announcement to list Optimism came with a twist, owing to the rare expansion to the European market.

With Optimism now live on Robinhood Crypto, users have the opportunity to buy, sell and trade OP tokens directly through the Robinhood app. Optimism has been of interest to investors as it has the growth potential, hence, the Europe market might be the right opportunity for expansion. Additionally, traders can potentially earn a percentage of their trade back in Bitcoin (BTC), subject to terms and conditions.

Optimism ($OP) is now live for trading on Robinhood Crypto in select EU jurisdictions!Buy, sell and trade 24/7 on the app and earn a percentage of your trade back in BTC (terms apply).See the full list of assets available here:https://t.co/FodrZLRXPA pic.twitter.com/rliqQNHTD4

— Robinhood Crypto EU (@RobinhoodCrypto) April 3, 2024

Alongside Optimism, Robinhood Crypto offers a diverse range of cryptocurrencies for trading. Some of the notable cryptocurrencies currently available for trading on the platform include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL) and XRP, among others.

Robinhood has been on a bullish run in the first quarter of 2024 but suffered a dip in shares as a recent decline in monthly active users occurred.

Optimism's performance

Analysts say the addition of Optimism to Robinhood Crypto's lineup reflects the platform's commitment to expanding its offerings and providing users with access to innovative and promising digital assets.

Robinhood Markets has had an upswing in profitability, as shown in its latest quarterly earnings. The brokerage firm even surpassed Wall Street predictions due to a significant surge in cryptocurrency deposits and an increase in monthly active users. Therefore, users, investors and traders alike in Europe are expected to have access to the Optimism offering on the network.

Looking ahead, Optimism has dropped in performance on CoinMarketCap, as available data shows a 2.3% dip in 24 hours to $3.10. Given the volatility of the crypto space, analysts expect its price to pick up soon as the new access on Robinhood might help boost its demand overall.