Robinhood to Offer Crypto Deposits, Withdrawals
- It is unclear when Robinhood’s new functionality will launch.
- The app currently lists seven cryptocurrencies, including Dogecoin (DOGE).
Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. Noam Galai/Getty Images for TechCrunch
The popular online brokerage app has so far only allowed the buying and selling of cryptocurrencies.
According to the company’s latest announcement, there has been an increased interest in cryptocurrencies from its users. Robinhood said the community wanted more insight into which addresses belonged to the company and how it operated the wallets where it custodies users’ funds.
The firm said it plans on providing the ability to deposit and withdraw various cryptocurrencies, including Dogecoin (DOGE). It is unclear when the functionality will roll out or which cryptocurrencies it will support. The app currently lists seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Dogecoin (DOGE).
- The U.S. Department of Justice has seized close to $470 million in Robinhood stock, and an additional $20 million in U.S. currency, as part of its criminal case against Sam Bankman-Fried.
- Lawyers for SBF argued last week that the Robinhood shares were bought legitimately by SBF, using money borrowed from Alameda, and that he was relying on them to fund his defense.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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- Lawyers for SBF are seeking to block debtors from taking control over $450 million in Robinhood shares, arguing that SBF was relying on his stake to fund his criminal defense.
- Another argument was that SBF had legitimately bought the shares using money borrowed from Alameda Research, one of the few loans that was well documented in the company.
- Robinhood’s crypto wallet, which was rolled out to 2 million users, will not support Ethereum-based services like ERC-20 tokens and NFTs.
- The trading app also revealed it had plans to integrate the Bitcoin Lightning Network, reducing the time and fees associated with transfers.