- Buying and selling platform Robinhood is including the USDC stablecoin to its listing of supported cryptocurrency belongings.
- Robinhood at the moment helps 18 different crypto belongings, however USDC is its first supported stablecoin.
- Robinhood and Circle executives will talk about the information additional throughout San Francisco’s Converge22 occasion.
Buying and selling platform Robinhood is including USD Coin (USDC) to its collection of tradable belongings.
Robinhood Introduces USDC
Robinhood prospects will quickly have entry to USDC.
In keeping with a tweet from the corporate, USDC will likely be obtainable for switch through each Polygon and Ethereum. The asset will likely be obtainable beginning on September 21.
Robinhood has not issued a full assertion on the addition of USDC. Nevertheless, the corporate’s crypto CTO, Johann Kerbrat, said that he’ll talk about the matter additional subsequent week in the course of the Converge22 convention in San Francisco. There, Kerbrat says he’ll “discuss 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 recommend that Robinhood might have interaction extra deeply with USDC than it does with different crypto belongings. Nevertheless, Robinhood’s USDC info web page doesn’t recommend something out of the peculiar. That web page explains that Robinhood “facilitates USDC purchases and redemptions from Circle” however doesn’t challenge 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 the moment helps 18 different cryptocurrencies, together with main belongings comparable to Bitcoin and Ethereum.
USDC is the primary stablecoin that Robinhood will help as a tradable asset. Nevertheless, the corporate additionally supplies real-time information for 2 different stablecoins: USDT and DAI.
Robinhood has been increasing its crypto choices regularly lately. The corporate has supported crypto buying and selling since 2018 however didn’t start to permit crypto withdrawals till not too long ago. It’s now introducing a non-custodial pockets to offer prospects 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 “prospects 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 workers this summer time resulting from a downturn within the crypto market.
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.