For those who are already or are planning to adopt Robinhood to perform cryptocurrency trades, the mobile-based crypto trading application has an announcement for them.
The online broker known mainly for cryptocurrency trading has announced that it has enlisted a new stablecoin. The reports confirm that the new token added to Robinhood’s product list is USDC.
Robinhood Launches USDC
On Tuesday, the officials at Robinhood Markets confirmed that they have enlisted a new token so the cryptocurrency community can benefit from that.
Following the announcement, USD Coin (USDC) has been made available on Robinhood’s platform in the form of pairs. The cryptocurrency investors on the Robinhood platform can interact with the newly added stablecoin while performing trades.
Robinhood added to the Announcement
While announcing the latest development, the Robinhood executives also revealed further functionalities that have been introduced alongside USDC.
The company has announced that the traders will be able to transfer USDC to multiple blockchain networks. These networks include Ethereum and Polygon.
Robinhood is Eyeing Broader Jurisdictions
As of now, Robinhood is available only within the United States. However, by offering a stablecoin pegged with the USD, Robinhood has given a hint to cryptocurrency experts and market observers.
According to many, Robinhood offering USDC is a clear indication that the app-based broker is planning to expand its business beyond the US jurisdictions.
The company is now aiming to grow across borders and may be planning to become an international app-based broker. If that is the case then it is about time Robinhood has come up with a great plan to bring back its old market reputation and revenue-generating opportunities.
From Rising to Demise
Robinhood was launched back in 2013 but it initially offered stock trading services. The broker moved to cryptocurrencies much later but did not find it to be too profitable.
Still, the broker had made a decision that was going to prove extremely profitable for the company later.
By the end of 2020, the crypto boom was witnessed which pushed the cryptocurrency industry to the limits. As the year 2021 began, Robinhood had already enlisted Bitcoin, Ether, and Dogecoin.
Soon, Dogecoin took off and its value hit the charts like no other cryptocurrency. Robinhood’s revenue from Dogecoin alone was more than the combined revenue generated from Bitcoin and Ether.
For as long as Dogecoin conquered the market, Robinhood continued flying high. Unfortunately, in the later part of 2021, DOGE lost its charm and so did Robinhood.
Since then, Robinhood has continued reporting losses in its revenues and had to cut down its workforce to deal with the shortfalls.
Now, as Robinhood is planning to open up for foreign investors, it can prove to be a breakthrough for the broker. It is expected that Robinhood will soon compete with Venmo, an international crypto trading app launched by PayPal.