Retail buying and selling large Robinhood simply introduced that it now helps Ethereum challenger Avalanche (AVAX) and XRP rival Stellar (XLM) as the 2 altcoins take pleasure in rallies this month.
In an announcement by way of Twitter, the retail buying and selling large says that AVAX and XLM at the moment are dwell on the Robinhood platform.
Both cash have been outperforming a lot of the crypto markets, with AVAX up 32% within the final two weeks whereas XLM has gained 16% in the identical timeframe.
The announcement comes as Robinhood endures struggles that it says stem from the crypto bear market. The firm not too long ago introduced a 23% slash of its workforce this month after letting go of 9% of its workers in April.
In a statement, Robinhood CEO Vlad Tenev stated that the present financial situation exacerbated by the crypto winter has largely impacted its operation.
“We have seen extra deterioration of the macro surroundings, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional decreased buyer buying and selling exercise and property beneath custody.”
Tenev says that Robinhood has employed extra staff than it now wants and the corporate has to dismiss extra staff as buying and selling actions on the platform decline.
“Our enterprise realities don’t make this dialog any more easy or the selections any much less painful. I share this to be as clear as I can with all of you who work daily to ship on our mission. We shall be parting methods with many extremely proficient folks at the moment in an especially difficult macro surroundings.”
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https://dailyhodl.com/2022/08/09/robinhood-abruptly-adds-support-for-ethereum-rival-avalanche-avax-and-xrp-competitor-stellar-xlm/
