Popular trading platform, Robinhood, has announced its intention to allow crypto deposits and withdrawals on its platform very soon. In previous times, the app only allowed its users to buy and sell crypto assets and did not allow these users to have access to these coins nor allow them transfer these coins to other wallets
According to the announcement, the trading platform had also immediately begun working on how it can integrate crypto transfers into its system. However, it is unclear when this new development would be launched to its users. The firm also added that crypto deposits made on its platform were going to be custodied on its wallet.
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
Notably, the app supports seven crypto assets ranging from Bitcoin, Dogecoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and Bitcoin SV.
A Bloomberg report had earlier alleged that Robinhood was the owner of the world’s largest Dogecoin wallet, but this was denied by the firm in its where it stated that it ““does not currently invest in cryptocurrency or use any customer cryptocurrency” for its benefit.
The brokerage app has been trying to regain its lost credibility after its actions during the GameStop stock saga left it with a huge dent. Robinhood had imposed a limit on its users ability to trade certain stocks and crypto assets citing “extraordinary market conditions” as why the choice was made. It also went on to say that its clearing firm had raised transaction fees higher than what it could afford, which is why it made that decision.
Since then, traders have distrusted the centralized trading platform believing that the firm, and others, could reenact such choices in the future.