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Robinhood Adds USDC to App
Robinhood, a popular stock trading app, added Circle’s USDC stablecoin to its crypto offerings for retail traders Tuesday.
The company added in a tweet the offering will also be available on Wednesday for transfer on Polygon and Ethereum networks.
Robinhood’s inclusion of USDC indicates the company is setting its sights abroad where the usage of stablecoins is more popular and useful for investors.
Crypto options have increased significantly on the platform over the past few years, with Robinhood now offering a total of 17 digital currencies.
Top Cryptos Languish Ahead of Expected Rate Hike
Flagship cryptocurrency Bitcoin hit a three-month low of $18,247 Monday, concerning analysts and investors who predicted a rally after its swift decline from an all-time high of over $60,000.
Expectations of further Fed rate hikes could be one of the main culprits leading to Bitcoin’s languishing status as investors continue to flee risky assets.
The Federal Reserve is expected to raise rates by three-quarters of a percentage point for the third consecutive time this week in an effort to tame inflation.
Ether, the second largest cryptocurrency is not faring much better after the long anticipated “Merge” upgrade, hitting a two-month low of $1,280 Monday.
Nasdaq Makes a Move on Crypto
The Nasdaq, the second-largest U.S. stock market operator, is making its first move toward embracing cryptocurrency.
In a Tuesday press release, the company announced it is starting a cryptocurrency custody service as it aims to cash in on the demand from institutional crypto investors.
Nasdaq will compete with crypto exchange Coinbase and crypto custodians sAnchorage Digital and BitGo in holding bitcoin and ether for institutional clients in the U.S.
The head of the Nasdaq’s new digital assets unit, Ira Auerbach, said that Nasdaq is open to working with crypto-native firms, although it doesn’t have any plans for acquisitions in the short term, according to a Bloomberg report.
Former Secretary of Treasury to Speak at This Year’s AIM Summit
Lawrence Summers, an American economist who served as the U.S. Secretary of Treasury from 1999 to 2001 under Bill Clinton, as well as the director of the National Economic Council from 2009 to 2010 under Barack Obama, will be offering his insights into the global economy and financial markets during the 13th edition of AIM Summit being held on Nov. 21 and 22 in Dubai.
This year, special emphasis is placed on the current global economy, inflation, stagflation and recession. Summers will provide his views on why the U.S. will likely be headed into a recession within the next two years, and discuss how globalization, trade and technology will play a pivotal role in the future of the global economy. Summers will also be sharing his views on crypto and blockchain.