Retail buying and selling large Robinhood simply added high stablecoin USD Coin (USDC) to its listing of supported digital belongings because the platform sees decreased buying and selling actions as a result of crypto winter.
In a brand new announcement by way of 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 keeping with the announcement, USDC shall 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 assist for brand spanking new belongings 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 present wants.
“We’ve 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 belongings below 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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