Robin Hood, an online stock trading app, announced that it plans to support deposit and withdrawal of cryptocurrencies including Dogecoin.
Robin Hood’s operator announced on the 17th that it is “sufficient” to introduce a new function of cryptocurrency deposit and withdrawal through its official Twitter account. However, it did not specifically say when this function will be supported. According to the Robin Hood customer support website, currently Robin Hood users can only buy and sell cryptocurrencies within the app.
The tweet came an hour after Bloomberg reports that Robin Hood is the world’s largest owner of the Dogecoin wallet. Robin Hood said on Twitter that “Robin Hood is not currently investing in cryptocurrencies and does not use customers’ cryptocurrencies for its own benefit.”
So much interest in Crypto! To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.
— Robinhood (@RobinhoodApp) February 17, 2021
Robin Hood caused a lot of controversy last month by restricting the purchasing function of some highly volatile stocks such as cryptocurrency and Gamestop.
Initially, Robin Hood cited “abnormal market conditions” as the main reason for trading restrictions. Since then, the liquidation company has raised transaction fees to levels that Robin Hood cannot afford, which made it inevitable to restrict transactions.
Robin Hood raised $3.4 billion worth of emergency funds during the volatility market.
As reported by CoinDesk at the time, the decision to “immediately limit the purchasing power of cryptocurrency” means that users have to make purchases using deposits by crying and eating mustard.
Vlad Teneb’s Chief Executive Officer Robin Hood (CEO) will attend Congress on the 18th (local time) to testify on what happened in the gamestop stock price surge led by Reddit’s’Wall Streetbets’ group.
In a written response, CEO Vlad Teneb said that Robin Hood “introduced features that open the door for many investors who have never had access to the stock market.”
Translation: Jeong In-sun/Coindesk Korea
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