USDC is the very first stablecoin amongst Robinhood's 18 other supported crypto properties.
Key Takeaways
- Trading platform Robinhood is including the USDC stablecoin to its list of supported cryptocurrency possessions.
- Robinhood presently supports 18 other crypto properties, however USDC is its very first supported stablecoin.
- Robinhood and Circle executives will talk about the news even more throughout San Francisco's Converge22 occasion.
Trading platform Robinhood is including USD Coin (USDC) to its choice of tradable properties.
Robinhood Introduces USDC
Robinhood clients will quickly have access to USDC
According to a tweet from the business, USDC will be readily available for transfer by means of both Polygon and Ethereum. The possession will be offered beginning on September 21.
Robinhood has actually not released a complete declaration on the addition of USDC. The business's crypto CTO, Johann Kerbrat, mentioned that he will talk about the matter even more next week throughout the Converge22 conference in San Francisco. There, Kerbrat states he will "speak about what [USDC] ways for Robinhood, and what's to come."
Meanwhile, Circle CEO Jeremy Allaire composed: "This is so great! Congrats ... and a significant win for USDC reaching into [the] mainstream." He suggested that Circle would likewise participate in Converge22 to "dive in" to the subject.
Those declarations may recommend that Robinhood might engage more deeply with USDC than it makes with other crypto properties. Robinhood's USDC details page does not recommend anything out of the regular. That page describes that Robinhood "helps with USDC purchases and redemptions from Circle" however does not provide USDC or hold USDC reserves.
Furthermore, that page states Robinhood "has no responsibility to redeem your USDC for USD." That obligation most likely falls on USDC company Circle.
Robinhood presently supports 18 other cryptocurrencies, consisting of significant properties such as Bitcoin and Ethereum
USDC is the very first stablecoin that Robinhood will support as a tradable property. The business likewise supplies real-time information for 2 other stablecoins: USDT and DAI.
Robinhood has actually been broadening its crypto offerings slowly in the last few years. The business has actually supported crypto trading because 2018 however did not start to permit crypto withdrawals till just recently. It is now presenting a non-custodial wallet to offer clients more direct control over their crypto.
In a current revenues call, CEO Vlad Tenev stated that the business is dealing with broadening its crypto listings, keeping in mind that "clients inform us they desire us to present more coins."
Despite its growing assistance for cryptocurrency, the business is likewise scaling down. It laid off a considerable part of its personnel this summertime due to a recession in the crypto market.
Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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