A program allowing USDC holders to receive incentives of up to 10% has been launched.
The news caused the HOOD stock price to rise over $19.
More than 25 cryptocurrencies are now available on Robinhood’s platform, thanks to the recent addition of Circle issued USD Coin (USDC) by Robinhood’s European division. Plus, a program allowing USDC holders to receive incentives of up to 10% has been launched by the crypto exchange. In addition, today’s pre-market session saw a roughly 12% rally in Robinhood stock.
The listing of USDC stablecoin was revealed by the Robinhood EU branch in a post on X on March 14. This is a major milestone after the entrance of Robinhood into Europe in late 2023.
Rewards Program
Furthermore, the cryptocurrency exchange advertised the incentive scheme, saying that customers may receive 10% rewards on USDC held natively in the Robinhood Crypto app under its current limited-time offer.
From March 1st through June 15th, Robinhood members who hold USDC will be eligible for bonuses via the reward program. Customers may only claim their incentives if they possess USDC and trade any supported cryptocurrency on the platform during the promotion period. The highest amount that participants may earn throughout the promotional time is €1,000 ($1,094) in USDC, which is 10% of the total.
In addition, there is another program that offers €5 in USDC to encourage users to interact with the platform and learn more about cryptocurrencies.
The news caused the HOOD stock price to rise over $19. On Thursday, March 14, before the market opened, the price of Robinhood stock increased 1.95 points, or 11.36%, to $19.11. A gap up from the last closing and more gains are possible as a result of the jump in Robinhood stock. At the time of writing, the Robinhood stock was trading at $18.30, up 6.99%.