At present, the Robinhood app supports seven crypto assets including Bitcoin, Dogecoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and Bitcoin SV.
Robinhood, the trading platform that made the headlines during the GameStop Corporation (NYSE: GME) shares saga, has announced that it is going to enable full crypto transactions on its platform, this means that users of the platform would be able to withdraw and deposit crypto assets through its platform. This new development is a major one as the trading platform, hitherto, only allowed its users to buy and sell virtual assets without them having access to the coins directly or being able to transfer them to other wallets.
As a major crypto platform, our actions need to be systematic, objective, and derived from first principles. We’re working on the ability to deposit and withdraw all cryptos. We’ll keep you updated as we progress.
— Robinhood (@RobinhoodApp) February 17, 2021
The brokerage app went on to state that it had begun working on the integration of cryptocurrency transfers, however, when this program would be launched to the public remains unknown. Robinhood also used the opportunity to clarify a report from Bloomberg that alleges that the app was the owner of the world’s largest Dogecoin wallet. According to the tweet from the firm, it “does not currently invest in cryptocurrency or use any customer cryptocurrency” for its benefit.
Crypto deposits made via the platform would be custodied on the wallets of the trading platform. At present, the Robinhood app supports seven crypto assets including Bitcoin, Dogecoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and Bitcoin SV. It is however unclear if the firm is looking to enable support for all digital assets.
The trading platform was recently in the spotlight for its actions during the GameStop stock last month. It had chosen to limit the ability of its users to buy certain crypto assets and stocks of Gamestop citing “extraordinary market conditions” as why it made the choice. Later on, it claimed that the choice was made because its clearing firm raised its transaction fees far beyond what it could afford to pay.
While Vlad Tenev, its CEO, is ready to testify to the congress about the choice made during this period by the app, there is a growing distrust for centralized trading platforms among traders who think there could be a re-enactment of the previous action in the future. Regardless of this, Robinhood is trying to regain its credibility, an ad of it was aired during NFL Super Bowl where its new slogan “We are all investors” was unveiled.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.