Retail buying and selling big Robinhood simply added prime stablecoin USD Coin (USDC) to its checklist of supported digital property because the platform sees decreased buying and selling actions because of the 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.
In accordance with 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 shopper actions. Robinhood CEO Vlad Tenev reasoned that the corporate has employed extra staff than it at the moment wants.
“We have now seen extra deterioration of the macro surroundings, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional decreased buyer buying and selling exercise and property beneath 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 individuals be a part of the waitlist simply two months after opening.
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