Robinhood Partners Circle To Allow Wallet Users to Utilize USDC Stablecoins
Following its Beta Web3 Wallet launch, Robinhood is seeking more ways to allow users to utilize the USDC stablecoins on its platform.
Robinhood and Circle Financial Strike a Strategic Partnership
The latest development will provide access to USDC coins for both Robinhood Crypto and Robinhood Wallet users. The deal with Circle will ensure that the USDC stablecoins can be sold and traded on the Robinhood exchange platforms.
Moreover, the California-based crypto exchange noted that Circles’ USDC is the first stablecoin available for purchase and transaction on both platforms.
With Robinhood Crypto fully active and the Robinhood Wallet in its beta phase, integrating USDC is crucial. The stablecoin will allow users of the exchange to securely move their funds into the Web3 ecosystem.
According to Johann Kerbrat, CTO of Robinhood, the USDC addition is essential to the platform’s expansion. Customers will experience the Web3 financial space alongside decentralized finance (DeFi). This would shield users from the highly volatile nature of the crypto industry, added Kerbrat.
Furthermore, the CTO revealed that partnerships are not just limited to the exchange of digital currencies. The two parties plan to offer an exclusive “Learn and Earn” program to reward customers with USDC tokens.
Commenting on the deal, Jeremy Allaire, co-founder of Circle, disclosed the role of Robinhood in expanding commerce.
Allaire noted that USDC plays a critical role in the payment ecosystem and commerce. However, the partnership with Robinhood will further enhance the firm’s service delivery and token use cases.
With the launch of the beta version of Web3 Robinhood Wallet, USDC will play a central role in the platform’s transactions. Moreover, the educational module of the duo will further strengthen the use of USDC.
Upon its launch, the ‘learn and earn” initiative will be open to both users of Robinhood Crypto and Robinhood Wallet. Customers can access it directly on the exchange’s application.
Meanwhile, Robinhood announced that the program would roll over into the following months.
Circle to Add USDC to Five Blockchains
As per Circle’s report, five more blockchains will be home to the world’s second-largest stablecoin. At the beginning of 2023, the team will integrate USDC into Arbitrum, NEAR, COSMOS, Optimism, and Polkadot.
Furthermore, compatibility with another blockchain, Cosmos, is expected to be completed early next year.
Circle’s VP of Product, Joao Reginatto, revealed that expanding multi-chain support for USDC will usher in more opportunities. Institutional players, exchanges, and developers would have more options and access to a stable digital token.
As a USD-pegged coin, USDC has high appeal across the industry as demand for the digital dollar continues to gain traction.
Meanwhile, USDC has a combined total of 14 compatible blockchains with the latest development. Already, the token is integrated on Ethereum, Algorand, Solana, TRON, Flow, Polygon, Hedera, Stellar, and Avalanche.
Circle also announced that the launch of a Cross-Chain Transfer Protocol for USDC is imminent. This will help streamline the process of crypto transactions across blockchain networks.
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