Institutional support for crypto is growing. Robinhood is ready to get its hands dirty with cryptocurrency. The famous trading platform has announced plans to offer cryptocurrency deposits and withdrawals on Wednesday via Twitter.
Robinhood Markets, Inc. is a well-known financial services company based in the United States. It offers options of commission-free stock trading and exchange trading funds. In a recent announcement through Twitter, the company delineated its intentions for dealing with crypto.
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
The company’s Twitter account mentioned that work on the user’s ability to deposit and withdraw crypto assets from the application is ongoing. Moreover, the platform is planning to take a systematic, objective and first-principle based approach in dealing with crypto.
Currently, Robinhood has seven crypto coins listed for trading on its platform. This includes Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH) and Bitcoin SV (BSV).
Distrust On Central Institutions:
Robinhood took a lot of bashing from small investors recently for its action following the Gamestop saga. The platform, allegedly, favoured the hedge investors on wall street by stopping users from buying a select handful of securities. Will this move of supporting crypto deposits and withdrawal help Robinhood regain credibility?
The decision to include cryptocurrencies in its list of services comes at a crucial time. At the moment, crypto traders are wary of central institutes. The cryptocurrency industry has its own free nature. It is not built for the rules of centralized authority. Hence, the entrance of new players in the crypto market may not be welcomed by many.