Plans to allow cryptocurrency deposits and withdrawals Robinhood announces
Robinhood’s stature has taken a battering recently, but it hopes to recover credibility among the cryptocurrency community by introducing crypto transfers.
The contention exchanging platform Robinhood publish on Wednesday that it intends to execute crypto deposits and withdrawals. Its customers have been buying and selling cryptocurrency through the platform for some time, they are unable to obtain the coins themselves to transfer them to other wallets.
According to a list of tweets written from the company’s Twitter account, work on the integration of cryptocurrency transfers has already begun, though no dates or specifics were provided on when it will go live.
Robinhood further clarified that cryptocurrency deposits would remain in custody by their wallets, and added that the company doesn't invest in cryptocurrency and will not use customer funds for its benefit.
Robinhood has seven cryptocurrencies registered for trade on their platform, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), Ether (ETH), and Bitcoin SV (BSV). It is not clear if Robinhood intends to roll out assistance for transfers of all seven coins.
On January 29th, 2021, Robinhood suspended the instant fiat deposits in response to the social media-fueled thinking, chalking up the choice as a reaction to the “extraordinary market conditions.” Robinhood was already under fire from both the customers and regulators following restraining purchases of a select handful of securities offered for trade on its platform.
By February 4th, 2021, Robinhood had restored instant deposits for cryptocurrency purchases.
The choice to expand crypto-related services comes at a time of growing distrust of centralized service providers. Not everyone accepts the move to offer cryptocurrency deposits and withdrawals will help Robinhood recover credibility lost through its recent actions.
On February 7th, 2021, a 30-second NFL Super Bowl commercial advertised for Robinhood in which a current slogan for the company was revealed: “We are all investors.”
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