February 26, 2021 12:04 AM PST
Robinhood to Allow Deposits, Withdrawals for Cryptos Including Dogecoin
Currently,
users of the popular trading app can only buy and sell cryptocurrencies
within their Robinhood accounts.To get more news about
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Online brokerage app Robinhood says it plans to enable withdrawals and deposits of cryptocurrencies including dogecoin.
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In a tweet Wednesday, the app provider said it “fully intends” to
provide the extra functionality, though not date is provided for when it
might be activated. Currently, traders can only buy and sell crypto
assets within the app, according to its support page.The tweet came an
hour before Bloomberg published an article alleging Robinhood was the
owner of the worlds largest dogecoin (DOGE, +10.76%) wallet. Robinhood
stated in the tweet that it “does not currently invest in cryptocurrency
or use any customer cryptocurrency” for its own benefit.
The
popular mobile trading platform has been under fire recently after it
limited its users ability to buy cryptocurrencies and certain volatile
securities, including GameStop stock, last month.
Robinhood
cited “extraordinary market conditions” as the primary reason, before
later saying its clearing firm raised the fees for conducting
transactions beyond what Robinhood could afford to pay.
The company raised $3.4 billion in an emergency fund during the volatile period.
The
decision to “limit instant buying power for crypto” meant users had to
resort to using settled funds for their purchases, as CoinDesk reported
at the time.
Robinhood CEO Vlad Tenev is set to testify in front
of Congress Thursday about what occurred during the GameStop pump,
which was led by Reddit trading group r/WallStreetBets.
In a
written introduction, Tenev said his company had “introduced features
that have opened the door for many investors who have historically been
unable to access the stock market.”