Intrigued by the incredible controversy surrounding the stock and crypto markets, Robinhood today announced it will implement access to deposits and withdrawals of cryptocurrencies.
So far, users have been able to buy and sell cryptocurrencies but have not been able to transfer their holdings to another wallet.
An announcement made via the social media site Twitter, explaining Robinhood's efforts on the integration of cryptocurrency transfers has begun although it is not certain when it will be inaugurated.
So much interest in Crypto! To be crystal clear 🔍, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.
- Robinhood (@RobinhoodApp) February 17, 2021
Robinhood also said that crypto deposits will be kept in the user's own wallet and stressed that they do not make any investment in the crypto and will not use consumer funds for their profit.
There are seven cryptocurrencies listed on Robinhood: Bitcoin, Dogecoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and Bitcoin SV. However, all seven assets still do not have transfer support.
On January 29, Robinhood blocked fiat instant deposits in response to social media speculation, claiming their actions were on the basis of ‘extraordinary market conditions’ to the point of inviting criticism from consumers and regulators.
Meanwhile, on February 4, Robinhood finally returned the instant deposit for the purchase of crypto after restricting crypto trading on the same day fiat instant deposit was blocked.
