Robinhood Abruptly Adds Support for Ethereum Rival Avalanche (AVAX) and XRP Competitor Stellar (XLM)

Retail trading giant Robinhood just announced that it now supports Ethereum challenger Avalanche (AVAX) and XRP rival Stellar (XLM) as the two altcoins enjoy rallies this month. 

In an announcement via Twitter, the retail trading giant says that AVAX and XLM are now live on the Robinhood platform.

Both coins have been outperforming much of the crypto markets, with AVAX up 32% in the last two weeks while XLM has gained 16% in the same timeframe.

The announcement comes as Robinhood endures struggles that it says stem from the crypto bear market. The company recently announced a 23% slash of its workforce this month after letting go of 9% of its staff in April. 

In a statement, Robinhood CEO Vlad Tenev said that the current economic condition exacerbated by the crypto winter has largely impacted its operation.

“We have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody.”

Tenev says that Robinhood has hired more employees than it now needs and the company has to dismiss more workers as trading activities on the platform decline. 

“Our business realities don’t make this conversation any less difficult or the decisions any less painful. I share this to be as transparent as I can with all of you who work every day to deliver on our mission. We will be parting ways with many incredibly talented people today in an extremely challenging macro environment.”

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