Robinhood to Enable Deposits, Withdrawals for Cryptos Together with Dogecoin

On-line brokerage app Robinhood says it plans to allow withdrawals and deposits of cryptocurrencies together with dogecoin.

In a tweet Wednesday, the app supplier mentioned it “absolutely intends” to offer the additional performance, although not date is offered for when it is perhaps activated. At present, merchants can solely purchase and promote crypto belongings inside the app, based on its assist web page.

The tweet got here an hour earlier than Bloomberg revealed an article alleging Robinhood was the proprietor of the world’s largest dogecoin pockets. Robinhood said within the tweet that it “doesn’t presently spend money on cryptocurrency or use any buyer cryptocurrency” for its personal profit.

Robinhood cited “extraordinary market circumstances” as the first purpose, earlier than later saying its clearing agency raised the charges for conducting transactions past what Robinhood may afford to pay.

The corporate raised $3.4 billion in an emergency fund throughout the risky interval.

The choice to “restrict prompt shopping for energy for crypto” meant customers needed to resort to utilizing settled funds for his or her purchases, as CoinDesk reported on the time.

Robinhood CEO Vlad Tenev is ready to testify in entrance of Congress Thursday about what occurred throughout the GameStop pump, which was led by Reddit buying and selling group r/WallStreetBets.

In a written introduction, Tenev mentioned his firm had “launched options which have opened the door for a lot of buyers who’ve traditionally been unable to entry the inventory market.”


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