According to recent reports, Robinhood has just made a promising announcement for the cryptocurrency community. The highly-controversial trading platform has revealed that it is planning to launch an integration for cryptocurrencies. The firm is reportedly in the process of deploying cryptocurrency withdrawals and deposits service on its platform.
At present, the investors on the Robinhood platform are able to purchase and sell cryptocurrencies. However, they were unable to invest directly through the cryptocurrencies as there was no access for depositing cryptocurrencies. On top of that, the investors could neither transfer crypto from their wallets to Robinhood nor receive crypto from the platform into their wallets.
Although the situation is the same for now but soon, it will be changed once Robinhood deploys the new service it is currently working on.
The firm was really fast to spread the news of its new service all across the online platform. The firm reportedly went onto the Twitter platform to announce the upcoming integration of the crypto-withdrawal and depositing service.
The officials also revealed that they have already started working on the integration process. They are trying their best to finish the integration process at the earliest and make the service available for all the users.
However, Robinhood is yet to provide any final date of launch and when the project is expected to go live and facilitate the investor community.
The firm has also confirmed that the custody of the wallets will be controlled by the cryptocurrency’s own wallets. It has publicly announced that it is not involved in any kind of investments in cryptocurrencies. Moreover, the platform will not be using any of the cryptocurrencies deposited on the firm for its own benefit.
As of now, the investors have the option of trading with seven cryptocurrencies through the Robinhood platform. The cryptocurrencies that the platform currently offers include Ether (ETH), Ethereum Classic (ETC), Dogecoin (DOGE), Bitcoin (BTC), Bitcoin SV (BSV), Litecoin (LTC), and Bitcoin Cash (BCH).
It is currently unclear if the platform is planning to roll out its withdrawal/deposit service for all seven currencies or less than that.
However, it is being speculated that as the platform offers deposit/withdrawal service, the users may start demanding more cryptocurrencies to be added. This may result in Robinhood increasing the number of cryptocurrencies that it will be offering to users.
On the other hand, the Tweet made by Robinhood suggests that the platform may offer services for DOGE, LTC, BTC, and ETH.
It was back on January 29, 2021, when Robinhood had announced that it has banned the depositing facility through instant fiat currencies. This was done due to the action taken by the Robinhood platform due to the speculations being fueled by social media.