Retail buying and selling big 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 through Twitter, the retail buying and selling big says that AVAX and XLM are actually stay on the Robinhood platform.
Each 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 corporate just lately introduced a 23% slash of its workforce this month after letting go of 9% of its workers in April.
In a assertion, Robinhood CEO Vlad Tenev mentioned that the present financial situation exacerbated by the crypto winter has largely impacted its operation.
“Now we have seen extra deterioration of the macro atmosphere, with inflation at 40-year highs accompanied by a broad crypto market crash. This has additional diminished buyer buying and selling exercise and property below 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 on daily basis to ship on our mission. We might be parting methods with many extremely proficient individuals at present in an especially difficult macro atmosphere.”
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