Robinhood Provides USDC to Crypto Listings

Robinhood Provides USDC to Crypto Listings

key takeaways

  • Buying and selling platform Robinhood is including the USDC stablecoin to its record of supported cryptocurrency belongings.
  • Robinhood presently helps 18 different crypto belongings, however USDC is its first supported stablecoin.
  • Executives from Robinhood and Circle will discuss extra concerning the information throughout San Francisco’s Converge22 occasion.

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Buying and selling platform Robinhood is including USD Coin (USDC) to its collection of tradable belongings.

Robinhood presents USDC

Robinhood shoppers will quickly have entry to USDC.

in response to a cheep of the corporate, USDC might be out there for switch through Polygon and Ethereum. The asset might be out there from September 21.

Robinhood has not issued a full assertion on the USDC itemizing. Nonetheless, the corporate’s crypto CTO, Johann Kerbrat, I declare that he’ll talk about the matter additional subsequent week on the Converge22 convention in San Francisco. There, Kerbrat says that he “will speak about what [USDC] means for Robinhood, and what’s to return.”

In the meantime, Circle CEO Jeremy Allaire wrote: “That is so good! Congratulations… and an incredible win for USDC coming to [the] mainstream.” He hinted that Circle would even be attending Converge22 to “dive in” on the subject.

These statements might counsel that Robinhood could interact extra deeply with USDC than different crypto belongings. Nonetheless, Robinhood’s USDC info web page doesn’t counsel something out of the odd. That web page explains that Robinhood “facilitates Circle USDC purchases and redemptions,” however doesn’t challenge USDC or maintain USDC reserves.

Additionally, that web page says that Robinhood “has no obligation to repurchase your USDC for USD.” That accountability presumably falls on USDC’s issuer, Circle.

Robinhood presently helps 18 different cryptocurrencies, together with main belongings like Bitcoin and Ethereum.

USDC is the primary stablecoin that Robinhood will assist as a tradable asset. Nonetheless, the corporate additionally supplies real-time knowledge for 2 different stablecoins: USDT and DAI.

Robinhood has been regularly increasing its cryptocurrency choices lately. The corporate has supported cryptocurrency buying and selling since 2018, however didn’t begin permitting cryptocurrency withdrawals till not too long ago. It’s now introducing a non-custodial pockets to present prospects extra direct management over their crypto.

In a latest earnings name, CEO Vlad Tenev mentioned that the corporate is working to increase its cryptocurrency listings, noting that “prospects are telling us that they need us to introduce extra cash.”

Regardless of its rising assist for cryptocurrencies, the corporate can also be shrinking. It laid off a good portion of its workers this summer season as a consequence of a downturn within the cryptocurrency market.

Disclosure: On the time of writing, the writer of this text owned BTC, ETH, and different cryptocurrencies.

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