Key Takeaways
Trading 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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Trading platform Robinhood is including USD Coin (USDC) to its collection of tradable belongings.
Robinhood Introduces USDC
Robinhood prospects will quickly have entry to USDC.
According to a tweet from the corporate, USDC can be obtainable for switch through each Polygon and Ethereum. The asset can be obtainable beginning on September 21.
Robinhood has not issued a full assertion on the addition of USDC. However, the corporate’s crypto CTO, Johann Kerbrat, acknowledged that he’ll focus on the matter additional subsequent week throughout the Converge22 convention in San Francisco. There, Kerbrat says he’ll “talk about what [USDC] means for Robinhood, and what’s to come.”
Meanwhile, Circle CEO Jeremy Allaire wrote: “This is so good! Congrats … and a major win for USDC reaching into [the] mainstream.” He implied that Circle would additionally attend Converge22 to “dive in” to the subject.
Those statements may counsel that Robinhood could have interaction extra deeply with USDC than it does with different crypto belongings. However, Robinhood’s USDC data web page doesn’t counsel something out of the extraordinary. That web page explains that Robinhood “facilitates USDC purchases and redemptions from Circle” however doesn’t challenge USDC or maintain USDC reserves.
Furthermore, that web page says Robinhood “has no obligation to repurchase your USDC for USD.” That duty presumably falls on USDC issuer Circle.
Robinhood at present helps 18 different cryptocurrencies, together with main belongings akin to Bitcoin and Ethereum.
USDC is the primary stablecoin that Robinhood will assist as a tradable asset. However, the corporate additionally offers real-time information for 2 different stablecoins: USDT and DAI.
Robinhood has been increasing its crypto choices step by step in recent times. The firm has supported crypto buying and selling since 2018 however didn’t start to enable crypto withdrawals till lately. It is now introducing a non-custodial pockets to give prospects extra direct management over their crypto.
In a latest earnings name, CEO Vlad Tenev mentioned that the corporate is engaged on increasing its crypto listings, noting that “customers tell us they want us to introduce more coins.”
Despite its rising assist for cryptocurrency, the corporate can be downsizing. It laid off a good portion of its workers this summer time due to a downturn within the crypto market.
Disclosure: At the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
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