Robinhood to allow customers to deposit, withdraw cryptocurrencies

Robinhood currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform

Online broker Robinhood said on Wednesday it intends to give customers the ability to deposit and withdraw cryptocurrencies, including the meme-based dogecoin.

The trading app popular with young investors currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform, but users cannot withdraw their assets to transfer to other wallets.

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In January, Robinhood had temporarily disabled a feature on its app that allowed users to buy crypto securities instantly due to volatile market conditions sparked by a trading frenzy in shares of GameStop Corp. The brokerage faced criticism from users who could not move their assets to other wallets.

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As part of a series of tweets here, Robinhood said on Wednesday it does not currently invest in cryptocurrency or use any customer cryptocurrency 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

 

Cryptocurrencies purchased and owned by our customers are held and custodied in our wallets for the benefit of our customers. Additionally we only receive coins when our customer’s trades have already settled.

— Robinhood (@RobinhoodApp) February 17, 2021

We understand that the community wants more insight into which addresses belong to us and how we operate our wallets.

— Robinhood (@RobinhoodApp) February 17, 2021