June 10, 2023

Retail trading giant Robinhood has added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform saw a reduction in trading activity due to the crypto winter.

in a new announcement Via Twitter, the company says that the second largest dollar-pegged stablecoin has now been added to its trading roster, effective September 21st.

As announced, USDC will be transferable on both the Ethereum (ETH) and Polygon (MATIC) networks.

The company recently added Ethereum rival Avalanche (AVAX) and Cardano (ADA) as well as XRP challenger Stellar (XLM) on its platform.

Robinhood is introducing support for the new resource as it acknowledges the struggle Because the current market is depressed.

In early August, the company laid off 23% of its workforce amid a decline in client activity. Robinhood CEO Vlad Tenev argued that the company currently employs more staff than it needs.

“We have seen additional deterioration in the macro environment, including a widespread crypto market crash with inflation at a 40-year high. This has further reduced customer trading activity and assets in custody.”

Despite the slowdown, Robinhood is seeing a positive response to its multichain, non-custodial crypto wallet, which the firm says has more than 1 million people joining the waiting list just two months after opening.

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Disclaimer: Opinions published in Daily Hodle are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any loss you may incur is your responsibility. Daily Hoddle does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is Daily Hoddle an investment advisor. Please note that Daily Hoddle participates in affiliate marketing.

Featured image: Shutterstock/Terablete/Skorzewiak

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