USDC is the first stablecoin among Robinhood’s 18 utterly different supported crypto assets.
Key Takeaways
- Trading platform Robinhood is adding the USDC stablecoin to its checklist of supported cryptocurrency assets.
- Robinhood currently supports 18 utterly different crypto assets, but USDC is its first supported stablecoin.
- Robinhood and Circle executives will focus on about the news additional for the length of San Francisco’s Converge22 tournament.
Trading platform Robinhood is adding USD Coin (USDC) to its likelihood of tradable assets.
Robinhood Introduces USDC
Robinhood possibilities will rapidly possess to find entry to to USDC.
In accordance with a tweet from the corporate, USDC will doubtless be on hand for switch through both Polygon and Ethereum. The asset will doubtless be on hand starting on September 21.
Robinhood has no longer issued a fat assertion on the addition of USDC. Alternatively, the corporate’s crypto CTO, Johann Kerbrat, talked about that he’s going to focus on about the matter additional subsequent week for the length of the Converge22 conference in San Francisco. There, Kerbrat says he’s going to “focus on about what [USDC] map for Robinhood, and what’s to come befriend.”
Meanwhile, Circle CEO Jeremy Allaire wrote: “Right here’s so appropriate! Congrats … and a foremost snatch for USDC reaching into [the] mainstream.” He implied that Circle would additionally inspire Converge22 to “dive in” to the realm.
Those statements might perchance well suggest that Robinhood might perchance simply put off more deeply with USDC than it does with utterly different crypto assets. Alternatively, Robinhood’s USDC knowledge page does not imply the leisure out of the routine. That page explains that Robinhood “facilitates USDC purchases and redemptions from Circle” but doesn’t notify USDC or defend USDC reserves.
Furthermore, that page says Robinhood “has no duty to repurchase your USDC for USD.” That accountability presumably falls on USDC issuer Circle.
Robinhood currently supports 18 utterly different cryptocurrencies, including main assets equivalent to Bitcoin and Ethereum.
USDC is the first stablecoin that Robinhood will strengthen as a tradable asset. Alternatively, the corporate additionally supplies steady-time records for two utterly different stablecoins: USDT and DAI.
Robinhood has been rising its crypto choices gradually in most modern years. The company has supported crypto trading since 2018 but did no longer initiate to enable crypto withdrawals unless nowadays. It’s now introducing a non-custodial pockets to present possibilities more yell control over their crypto.
In a most modern earnings call, CEO Vlad Tenev talked about that the corporate is working on rising its crypto listings, noting that “possibilities order us they wish us to introduce more coins.”
Despite its rising strengthen for cryptocurrency, the corporate is additionally downsizing. It laid off a foremost fraction of its workers this summer as a consequence of a downturn in the crypto market.
Disclosure: On the time of writing, the author of this fragment owned BTC, ETH, and utterly different cryptocurrencies.
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