As part of its priority for users’ security, the Robinhood trading app will be introducing a new feature to prevent users from losses associated with cryptocurrency volatility, according to a Bloomberg report. The ‘Price volatility protection’ feature would help adjust orders when cryptocurrency prices fluctuate.
The said feature would help users “skip recurring orders or buy less than your chosen amount.” This way, they would be protected from price volatility, it will also inform users before taking such action and never purchase more than the amount selected.
Speaking on the development, the CEO of Robinhood, Vlad Tenev, noted that there is ongoing underground work towards achieving users’ cryptocurrency demands by introducing the functionalities they have always wanted safely and securely.
This came a few months after the platform suspended its instant buying option for cryptocurrency, necessitated by its discovery that retail investors from Reddit pumped the Dogecoin, which saw the asset spike by over 900%.
This period, according to a report produced by the firm, revealed that Dogecoin accounted for an enormous amount of revenue generated by the firm.
Also, the trading app recently found itself in the regulatory book regarding an accusation that the firm had caused harm to several users. Regulators fined Robinhood about $70 million.