- Buying and selling platform Robinhood is including the USDC stablecoin to its checklist 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 number 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, acknowledged that he’ll focus on the matter additional subsequent week through the Converge22 convention in San Francisco. There, Kerbrat says he’ll “discuss what [USDC] means for Robinhood, and what’s to return.”
In the meantime, Circle CEO Jeremy Allaire wrote: “That is so good! Congrats … and a significant 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 recommend that Robinhood could interact extra deeply with USDC than it does with different crypto belongings. Nonetheless, Robinhood’s USDC info web page doesn’t recommend something out of the atypical. That web page explains that Robinhood “facilitates USDC purchases and redemptions from Circle” however doesn’t concern USDC or maintain USDC reserves.
Moreover, that web page says Robinhood “has no obligation to repurchase your USDC for USD.” That accountability presumably falls on USDC issuer Circle.
USDC is the primary stablecoin that Robinhood will help 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 steadily lately. The corporate has supported crypto buying and selling since 2018 however didn’t start to permit crypto withdrawals till just lately. It’s now introducing a non-custodial pockets to offer clients extra direct management over their crypto.
In a latest earnings name, CEO Vlad Tenev stated 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 help for cryptocurrency, the corporate can be downsizing. It laid off a good portion of its employees this summer season on account of a downturn within the crypto market.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.