Robinhood to allow its users to make deposits and withdrawals in crypto
By Bob Garcia
The trading platform is trying to get back on the good side of its users
Robinhood hopes a little good will will go a very long way. The trading platform has come under fire lately for its treatment of users, notably, blocking some from being able to trade in the recent GameStop frenzy. Perhaps as a result of that, and as a way to prevent itself from further damage, Robinhood has announced that it will now begin to allow its users to deposit and withdraw cryptocurrency.
Robinhood users have been allowed to use the platform to buy and sell crypto, but could never access those assets or transfer them to other wallets. That is now changing, though, and Robinhood is already putting everything in place to expand its crypto support. It explained in a tweet yesterday, “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.”
The announcement seems to provide an indication that crypto support continues to gain strength among established market tools, but not everyone views the move as a positive. Robinhood added that it will custody the digital assets in its own wallets and that it won’t use customer assets for its own benefit, but not having access to one’s own funds is going to leave more than a few users less than enthusiastic. The company has not yet provided details on how deposits or withdrawals will work.