Robinhood Announces Plan To Commence Crypto Deposits and Withdrawals

Robinhood, an online application has stated its intentions to allow withdrawals and deposits of cryptocurrencies on its platform. The online brokerage application had previously restricted their clients to only buy and sell cryptocurrencies within their Robinhood accounts.

Robinhood Policy

Robinhoood had initially limited its users ability to buy cryptocurrencies and other volatile securities. Notably  it placed restrictions on GameStop stock last month. However in recent development, the application provider has stated via its twitter page that  it wants to incorporate the latest update. It however has not updated its clients on what it will be activated.

Bloomberg’s Allegation

Bloomberg has allegedly claimed that Robinhood was the owner of the world’s largest dogecoin wallet.

It alleged that the initial digital wallet used for storage in June 2018 happened at the same time Robinhood offered Dogecoin trading to its customers.

The crypto platform replied by saying it does not currently invest in cryptocurrency. It also said it doesn’t use any of its client’s cryptocurrency for trading. 

Reassuring its clients it said;

“As a major crypto platform, our actions need to be systematic, objective, and derived from first principles. We’re working on the ability to deposit and withdraw all cryptos. We’ll keep you updated as we progress.”