Robinhood reveals strategies to use crypto down payments as well as withdrawals

Robinhood’s track record has actually taken a damaging recently, however it hopes to restore credibility among the crypto area by presenting cryptocurrency transfers.

The controversy-laden trading system Robinhood introduced on Wednesday that it plans to apply cryptocurrency deposits and also withdrawals. While clients have actually been able to buy and sell cryptocurrency via the platform for some time, they are not able to access the coins themselves to move them to various other purses.

According to a series of tweets released from the company’s Twitter account, work with assimilation of cryptocurrency transfers has actually already started, though no dates or specifics were provided on when it will certainly go real-time.

Robinhood also made clear that crypto down payments would certainly be custodied by their own wallets and also added that the business does not buy cryptocurrency and will certainly not use client funds for its very own advantage.

Robinhood currently has actually seven cryptocurrencies listed for profession on their platform, including Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash Money (BCH) and also Bitcoin SV (BSV). It is vague if they plan to turn out support for transfers of all 7 coins.

On Jan. 29, Robinhood suspended instant fiat down payments in response to social-media-fueled speculation, chalking up the choice as a reaction to “extraordinary market conditions.” The business was currently under attack from both customers as well as regulatory authorities after restricting purchases of a pick handful of protections used for profession on its system. By Feb. 4, Robinhood had actually reinstated immediate down payments for crypto acquisitions.

The decision to increase cryptocurrency-related solutions comes at a time of increasing mistrust of central company. Not everybody thinks the move to use crypto down payments and also withdrawals will certainly assist Robinhood regain credibility shed with its recent actions. Others have concerns about how the down payment and also withdrawal procedure will certainly work, specifically as it relates to client access of personal keys.
On Feb. 7, a 30-second NFL Super Bowl commercial aired for Robinhood in which a new slogan for the firm was unveiled: “We are all investors.”