Key Takeaways
- Buying and selling platform Robinhood is including the USDC stablecoin to its listing of supported cryptocurrency belongings.
- Robinhood at present helps 18 different crypto belongings, however USDC is its first supported stablecoin.
- Robinhood and Circle executives will focus on the information additional throughout San Francisco’s Converge22 occasion.
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Buying and selling platform Robinhood is including USD Coin (USDC) to its collection of tradable belongings.
Robinhood Introduces USDC
Robinhood clients will quickly have entry to USDC.
In accordance with a tweet from the corporate, USDC will probably be obtainable for switch through each Polygon and Ethereum. The asset will probably be obtainable beginning on September 21.
Robinhood has not issued a full assertion on the addition of USDC. Nonetheless, the corporate’s crypto CTO, Johann Kerbrat, stated that he’ll focus on the matter additional subsequent week in the course of the Converge22 convention in San Francisco. There, Kerbrat says he’ll “speak about what [USDC] means for Robinhood, and what’s to come back.”
In the meantime, Circle CEO Jeremy Allaire wrote: “That is so good! Congrats … and a serious win for USDC reaching into [the] mainstream.” He implied that Circle would additionally attend Converge22 to “dive in” to the subject.
These statements would possibly counsel that Robinhood might have interaction extra deeply with USDC than it does with different crypto belongings. Nonetheless, Robinhood’s USDC info web page doesn’t counsel something out of the strange. That web page explains that Robinhood “facilitates USDC purchases and redemptions from Circle” however doesn’t situation USDC or maintain USDC reserves.
Moreover, that web page says Robinhood “has no obligation to repurchase your USDC for USD.” That duty presumably falls on USDC issuer Circle.
Robinhood at present helps 18 different cryptocurrencies, together with main belongings comparable to Bitcoin and Ethereum.
USDC is the primary stablecoin that Robinhood will assist as a tradable asset. Nonetheless, the corporate additionally gives real-time knowledge for 2 different stablecoins: USDT and DAI.
Robinhood has been increasing its crypto choices progressively lately. The corporate has supported crypto buying and selling since 2018 however didn’t start to permit crypto withdrawals till lately. It’s now introducing a non-custodial pockets to provide clients extra direct management over their crypto.
In a current earnings name, CEO Vlad Tenev mentioned that the corporate is engaged on increasing its crypto listings, noting that “clients inform us they need us to introduce extra cash.”
Regardless of its rising assist for cryptocurrency, the corporate can be downsizing. It laid off a good portion of its employees this summer season because of a downturn within the crypto market.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
