Trading App Giant Robinhood Adds Stablecoin US Dollar Coin (USDC) to Roster
Retail buying and selling large Robinhood simply added high stablecoin USD Coin (USDC) to its checklist of supported digital property because the platform sees decreased buying and selling actions as a result of crypto winter.
In a brand new announcement through Twitter, the corporate says that the second largest dollar-pegged stablecoin is now included in its buying and selling roster, efficient September twenty first.
Based on the announcement, USDC will probably be transferable on each the Ethereum (ETH) and Polygon (MATIC) networks.
#USDC is now on Robinhood @circlepay #StableCoin #CryptoListinghttps://t.co/OL7fXLffHW pic.twitter.com/EUNLPpvGUu
— Robinhood (@RobinhoodApp) September 20, 2022
The corporate additionally not too long ago added Ethereum rivals Avalanche (AVAX) and Cardano (ADA) in addition to XRP challenger Stellar (XLM) to its platform.
Robinhood is rolling out help for brand spanking new property because it admits it’s struggling due to the present market downturn.
In early August, the corporate terminated 23% of its workforce amid declining consumer actions. Robinhood CEO Vlad Tenev reasoned that the corporate has employed extra staff than it at the moment wants.
“Now we have seen further deterioration of the macro setting, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional decreased buyer buying and selling exercise and property underneath custody.”
Regardless of the downturn, Robinhood is seeing a constructive response to its multichain, non-custodial crypto pockets, which the agency says noticed greater than 1 million folks be part of the waitlist simply two months after opening.
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