The Robinhood application had been making rounds for all the wrong reasons these past few weeks. After the application restricted its users from garnering benefits through trading stocks, several users expressed extreme distress about the situation. While the app revealed that it was doing so to secure its users from being subject to volatility, the platform seems to be getting back on its feet.
In a recent series of tweets, Robinhood revealed that it was trying to make a re-entry into the crypto-verse by offering crypto deposits and withdrawals.
Robinhood Aims To Make An Entry Into The Crypto-Verse
The overall crypto market cap hit a high of $1.71 trillion. Bitcoin seems to be aiding this surge as the king coin’s market cap hit a high of $1 trillion. The price of the asset had also soared to a high of $55K. With $60K not very far, the industry seems to be luring in several mainstream platforms.
With no dates for the launch of this service was announced, the platform wrote,
“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.”
While Robinhood hoards a few prominent cryptocurrencies including, Dogecoin [DOGE], Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC], Bitcoin SV [BSV], Litecoin [LTC] as well as Bitcoin Cash [BCH].
The platform hadn’t even revealed if it would render transfers for all the aforementioned coins.
Additionally, the recent activities of the platform paved the way to an array of concerns pertaining to the platform’s latest venture. One Twitter user went on to ask the app on Twitter if the users would have access to their individual wallets as well as crypto keys. Another Twitter user remarked,
“Why use all these words and terminology. Answer the basic question. We want our own wallets and crypto keys. Can Robinhood do that? Simple yes or no would suffice.”