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Robinhood proclaims plans to supply crypto deposits and withdrawals

02/18/2021

Robinhood’s repute has taken a battering recently, nevertheless it hopes to regain credibility among the many crypto neighborhood by introducing cryptocurrency transfers.

The controversy-laden buying and selling platform Robinhood introduced on Wednesday that it intends to implement cryptocurrency deposits and withdrawals. Whereas clients have been in a position to purchase and promote cryptocurrency by way of the platform for a while, they’re unable to entry the cash themselves to switch them to different wallets.

Based on a sequence of tweets printed from the corporate’s Twitter account, work on integration of cryptocurrency transfers has already begun, although no dates or specifics had been supplied on when it’ll go dwell.

Robinhood additionally clarified that crypto deposits could be custodied by their very own wallets and added that the corporate doesn’t put money into cryptocurrency and won’t use buyer funds for its personal profit.

Robinhood at the moment has seven cryptocurrencies listed for commerce on their platform, together with Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), Ethereum Traditional (ETC), Bitcoin Money (BCH) and Bitcoin SV (BSV). It’s unclear in the event that they intend to roll out assist for transfers of all seven cash.

On Jan. 29, Robinhood suspended on the spot fiat deposits in response to social-media-fueled hypothesis, chalking up the choice as a response to “extraordinary market circumstances.” The corporate was already beneath fireplace from each clients and regulators after limiting purchases of a choose handful of securities provided for commerce on its platform. By Feb. 4, Robinhood had reinstated on the spot deposits for crypto purchases.

The choice to increase cryptocurrency-related companies comes at a time of accelerating mistrust of centralized service suppliers. Not everybody believes the transfer to supply crypto deposits and withdrawals will assist Robinhood regain credibility misplaced by its current actions. Others have questions on how the deposit and withdrawal course of will work, particularly because it pertains to buyer entry of personal keys.

On Feb. 7, a 30-second NFL Tremendous Bowl industrial aired for Robinhood by which a brand new slogan for the corporate was unveiled: “We’re all traders.”