Robinhood to Enable Deposits, Withdrawals for Cryptos Together with Dogecoin

Robinhood to allow Deposits | 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 “totally intends” to supply the additional performance, although not date is offered for when it may be activated. At present, merchants can solely purchase and promote crypto belongings throughout the app, in accordance with its support 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 acknowledged within the tweet that it “doesn’t at the moment spend money on cryptocurrency or use any buyer cryptocurrency” for its personal profit.

Robinhood cited “extraordinary market situations” 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 through 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 through 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 traders who’ve traditionally been unable to entry the inventory market.”