Robinhood list stablecoin US Dollar Coin (USDC) to Trading App Giant Robinhood
Retail giant Robinhood has just added the major stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees a drop in trading activity due to the crypto winter.
According to the announcement, USDC will be transferable on the Ethereum (ETH) and Polygon (MATIC) networks.
The company also recently added Ethereum rivals Avalanche (AVAX) and Cardano (ADA), as well as XRP competitor Stellar (XLM) to its platform.
Robinhood is rolling out support for new assets as it acknowledges it is struggling due to the current market downturn.
At the beginning of August, the company laid off 23% of its workforce amid a decline in customer activities. Robinhood's CEO, Vlad Tenev, explained that the company has hired more employees than it needs right now.
“We have seen the macro environment deteriorate further, with inflation at a 40-year high accompanied by a broad-based crypto market decline. This has further reduced client trading activity and assets under management.”
Despite the downturn, Robinhood is seeing a positive response to the multi-pronged, non-custodial crypto wallet, which the company says has seen more than 1 million people join the waitlist just two months after opening.
Sep 22, 2022