Retail trading giant Robinhood has just added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees reduced trading activity due to the crypto winter.
in a new announcement The second-largest dollar-pegged stablecoin is now on its trading list, effective Sept. 21, the company said via Twitter.
According to the announcement, USDC will be transferable on the Ethereum (ETH) and Polygon (MATIC) networks.
— Robinhood (@RobinhoodApp) September 20, 2022
The company also recently added ethereum competitor Avalanche (AVAX) and Cardano (ADA) and XRP challenger Stellar (XLM) to its platform.
Robinhood admits it’s rolling out support for new assets struggle Because of the current market downturn.
In early August, the company laid off 23% of its workforce due to reduced customer activity. Robinhood CEO Vlad Tenev deduces that the company is hiring more people than it currently needs.
“We are seeing a further deterioration in the macro environment, with inflation hitting a 40-year high, along with a broad crypto market crash. This further reduces client trading activity and assets under custody.”
Despite the downturn, Robinhood’s multi-chain, non-custodial crypto wallet has received a positive response, with the company saying more than 1 million people were added to the waitlist two months after it opened.
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