Robinhood reveals strategies to use crypto deposits and withdrawals

Robinhood’s reputation has taken a battering lately, however it wants to regain credibility among the crypto community by presenting cryptocurrency transfers.

The controversy-laden trading system Robinhood announced on Wednesday that it intends to apply cryptocurrency deposits as well as withdrawals. While customers have actually been able to deal cryptocurrency using the platform for time, they are incapable to access the coins themselves to transfer them to various other pocketbooks.

According to a series of tweets released from the business’s Twitter account, work on integration of cryptocurrency transfers has already begun, though no dates or specifics were supplied on when it will certainly go live.

Robinhood additionally cleared up that crypto down payments would be custodied by their own wallets and also added that the business does not invest in cryptocurrency as well as will certainly not make use of client funds for its very own benefit.

Robinhood currently has actually 7 cryptocurrencies provided for trade on their system, consisting of Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), Ethereum Standard (ETC), Bitcoin Cash (BCH) and also Bitcoin SV (BSV). It is uncertain if they mean to present support for transfers of all seven coins.

On Jan. 29, Robinhood suspended instant fiat down payments in response to social-media-fueled supposition, chalking up the choice as a reaction to “phenomenal market conditions.” The company was currently under attack from both customers and also regulators after limiting acquisitions of a pick handful of securities supplied for profession on its system. By Feb. 4, Robinhood had reinstated immediate down payments for crypto acquisitions.

The choice to increase cryptocurrency-related services comes at a time of increasing wonder about of centralized service providers. Not every person thinks the transfer to offer crypto deposits and withdrawals will certainly help Robinhood restore integrity shed through its recent activities. Others have questions about just how the down payment as well as withdrawal procedure will function, especially as it relates to consumer access of exclusive keys.
On Feb. 7, a 30-second NFL Super Bowl commercial aired for Robinhood in which a brand-new slogan for the firm was introduced: “We are all capitalists.”

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