On-line brokerage app Robinhood says it plans to allow withdrawals and deposits of cryptocurrencies together with dogecoin.
In a tweet Wednesday, the app supplier stated it “absolutely intends” to offer the additional performance, although not date is offered for when it may be activated. Presently, merchants can solely purchase and promote crypto property inside the app, in keeping with its support page.
The tweet got here an hour earlier than Bloomberg revealed an article alleging Robinhood was the proprietor of the world’s largest dogecoin pockets. Robinhood said within the tweet that it “doesn’t presently put money into cryptocurrency or use any buyer cryptocurrency” for its personal profit.
Robinhood cited “extraordinary market situations” as the first motive, earlier than later saying its clearing agency raised the charges for conducting transactions past what Robinhood may afford to pay.
The corporate raised $3.4 billion in an emergency fund in the course of the risky interval.
The choice to “restrict on the spot shopping for energy for crypto” meant customers needed to resort to utilizing settled funds for his or her purchases, as CoinDesk reported on the time.
Robinhood CEO Vlad Tenev is set to testify in entrance of Congress Thursday about what occurred in the course of the GameStop pump, which was led by Reddit buying and selling group r/WallStreetBets.
In a written introduction, Tenev stated his firm had “launched options which have opened the door for a lot of traders who’ve traditionally been unable to entry the inventory market.”