December 8, 2022

Retail giant Robinhood has just added its top US dollar stablecoin (USDC) to its list of backed digital assets as the platform sees a drop in trading activity due to the crypto winter.

in a new way Advertising Via Twitter, the company says that the second largest stablecoin pegged to the dollar is now on its trading list, as of September 21.

According to the announcement, the USDC will be convertible on both the Ethereum (ETH) and Polygon (MATIC) networks.

The company also recently added Ethereum competitor Avalanche (fax(and Cardano)ADA(plus XRP Stellar competitor)XLM) to its platform.

Robinhood offers support for new assets as it admits Struggle Due to the current downturn in the market.

In early August, the company shed 23% of its workforce amid declining customer activity. Robinhood CEO Vlad Tenev has seen that the company has hired more employees than it currently needs.

We have seen a further deterioration in the macro environment, with inflation hitting a 40-year high accompanied by a massive crash in the cryptocurrency market. This has reduced the trading activity of clients and assets under custody.”

Despite the downturn, Robinhood is seeing a positive response to its multi-chain, non-custodial cryptocurrency wallet, which the company says has seen more than a million people join its waiting list just two months after it opened.

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