Robinhood and Circle Partner to Let Exchange and Wallet Users Utilize the Stablecoin USDC
After Robinhood Markets launched the company’s beta Web3 wallet on Tuesday and listed the stablecoin usd coin on the exchange platform Robinhood Crypto last week, the company announced a strategic partnership with Circle Financial. The deal revealed on Wednesday will provide Robinhood Crypto and Robinhood Wallet users with the ability to purchase and sell usd coin, and access “exclusive in-app educational modules to earn USDC rewards.”
Robinhood and Circle Partner to Offer USDC Accessibility
On Wednesday, Robinhood Markets (Nasdaq: HOOD) published an “Under the Hood” blog post that explains the California-based financial services company has joined forces with Circle. Robinhood details that the stablecoin usd coin (USDC) is the “first stablecoin available to buy and sell on Robinhood Crypto and on the new Robinhood Wallet (currently in beta).”
“USDC will play a crucial role in helping our customers get their dollars into Web3 through a trusted and transparent source,” Johann Kerbrat, the chief technology officer and GM of Robinhood Crypto. “It’s a crucial addition to our product to enable our customers to experience Web3 dapps and defi, without exposing themselves to volatility within the market,” Kerbrat added.
Duo Plans to Launch ‘Learn and Earn’ Programs That Rewards Customers in USDC
Kerbrat revealed the strategic partnership with Circle at the Converge22 event in San Francisco. Moreover, Circle announced the partnership with Robinhood as well on Wednesday, and Circle further noted that the two businesses would also offer “exclusive in-app educational modules to earn USDC rewards.”
Jeremy Allaire, the co-founder and CEO of Circle said Robinhood’s support “reinforces the role USDC plays in greater payments and commerce use cases.” USDC is also available to use and transfer on the latest Web3 Robinhood Wallet that launched in beta to 10K Robinhood customers. As far as the educational modules, Robinhood detailed that it worked closely with Circle to create the “Learn and Earn” programs.
The “Learn and Earn” programs will be available for all Robinhood Crypto customers directly within the company’s application. The educational modules will “be rolling out broadly over the coming months,” Robinhood’s announcement discloses. Meanwhile, Circle’s USDC is the second-largest stablecoin by market valuation with a $49.11 billion market cap on September 28.
What do you think about Circle and Robinhood Markets partnering on Wednesday? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman