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Robinhood Allows Withdrawal Through Cryptocurrencies

Robinhood Allows Withdrawal Through Cryptocurrencies

With Robinhood you can now deposit and withdraw through major cryptocurrencies including Dogecoin (DOGE). 

Robinhood crypto withdrawal

image credit: Robinhood

Robinhood, a stock trading app for individual investors, now allows  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 Crypto Deposit and Withdrawal

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

Robinhood 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."

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As Robinhood 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.

Crypto Settlement On Robinhood

With Robinhood, you’ll receive the proceeds from your crypto sales to purchase stocks and options immediately. However, it may take five business days to withdraw funds through ACH settlement process there's no easy way of getting them into a bank account without having those withdrawals sit in limbo - so make sure you know about this before signing up with robinhood crypto.

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