Robinhood Launches Cryptocurrency Deposit and Withdrawal Service

Robinhood announced today that the firm is planning to allow customers to deposit and withdraw through major cryptocurrencies including Dogecoin (DOGE). 

February 18, 2021 | AtoZ Markets – Robinhood, a stock trading app for individual investors, announced on Thursday that it will implement a cryptocurrency deposit and withdrawal function. Already, the Robinhood app allowed you to buy and sell cryptocurrencies, but you couldn’t transfer them to other wallets.

Robinhood Allows Crypto Deposit and Withdrawal

According to the company’s official Twitter account, development for implementation is already underway, but the specific implementation schedule has not been disclosed.

Cryptocurrencies are stored in their own wallet. However, the company does not invest in cryptocurrencies and does not manage client assets, he added.

Robin Hood currently supports seven major coins: Bitcoin, Dogecoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, and Bitcoin SV. However, it is not clear whether all seven coins will be supported, but Twitter says that it will “provide a function to deposit and withdraw virtual currencies including doge.”

As Robin Hood expands its cryptocurrency services, individual investors are worried that they will also be unilaterally restricted. Robinhood unilaterally suspended buy orders from individual investors following the surge in GameStop shares in January. It has been criticized for damaging individual investors on the side of a major hedge fund.

As a result of these measures, individual investors and others seem to be distrustful of companies providing virtual currency services in a centralized manner. It is unlikely that Robinhood’s trust will be restored just because the cryptocurrency service has been expanded this time. In fact, on Twitter, users who are wondering how the deposit and withdrawal process works are commenting.

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