Feb 18, 2021 06:19 UTC
Feb 18, 2021 at 06:20 UTC
Robinhood proclaims plans to propose crypto deposits & withdrawals
Robinhood’s reputation has taken a pounding recently, but it hopes to recover credibility among the crypto community by presenting cryptocurrency transfers. The controversy-laden trading stage Robinhood announced on Wednesday that it means to instrument cryptocurrency deposits & withdrawals. While customers have been capable to buy & sell cryptocurrency through the stage for some time, they are incapable of entree the coins themselves to transfer them to other wallets.
Rendering to a series of tweets published from the company’s Twitter account, work on the integration of cryptocurrency transfers has previously started, though no dates or particulars were if on when it will go live.
Robinhood also elucidated that crypto deposits would be custodies by their wallets & besides that, the company does not capitalize in cryptocurrency & will not use customer funds for its benefit.
Robinhood presently has 7 cryptocurrencies listed for trade on their stage, including BTC, DOGE, ETH, LTC, ETC, BCH & BSV. It is uncertain if they mean to roll out support for transfers of all 7 coins.
On January 29, Robinhood deferred prompt fiat deposits in response to social-media-fueled speculation, chalking up the decision as a response to ‘extraordinary market conditions.’ The company was previously under fire from both customers & regulators after limiting purchases of a select trickle of securities offered for trade on its stage. By February 4, Robinhood had reinstated prompt deposits for crypto purchases.
The decision to enlarge cryptocurrency-connected services comes at a time of cumulative distrust of centralized service providers. Not everyone trusts the move to proposal crypto deposits & withdrawals will help Robinhood regain credibility lost finished its new actions. Others have questions about how the deposit & withdrawal procedure will work, specifically as it narrates to customer access to private keys.
On February 7, a 30-second NFL Super Bowl commercial aired for Robinhood in which a new-fangled slogan for the company was revealed: ‘We are all investors.’