There isn’t any scarcity of Robinhood headlines at this time, particularly as CEO Vlad Tenev prepares to go earlier than the Home Committee on Monetary Providers. Nevertheless, traders must also particularly take note of the most recent Robinhood crypto information. What did the corporate announce? And what does it imply for its cryptocurrency clients?
To begin, traders ought to be sure that they perceive the state of affairs. As Tenev prepares to go earlier than lawmakers as a part of an effort to grasp precisely what occurred with the GameStop (NYSE:GME) rally, Robinhood additionally introduced that it’ll work to permit crypto deposits and withdrawals.
With that in thoughts, here’s what you could know in regards to the newest Robinhood crypto information:
- On Twitter (NYSE:TWTR) yesterday, Robinhood says it intends to “provide the ability to deposit and withdraw cryptocurrencies,” together with Dogecoin (CCC:DOGE).
- The corporate additionally says that Robinhood Crypto doesn’t spend money on cryptocurrency or use buyer cryptocurrencies for its personal profit.
- It seems that the thread of tweets is in response to rising requires crypto transparency on the buying and selling platform.
- Elon Musk is among social media users supporting these calls, which query a January transfer to halt crypto trading.
- Some additionally imagine Robinhood is the biggest holder of DOGE.
- Robinhood acknowledged this curiosity in transparency and stated the group needs to know which addresses it owns.
- Nevertheless, it stated it is not going to share this info.
- Proper now, clients can buy and sell certain cryptocurrencies by way of the Robinhood app. The record consists of Bitcoin (CCC:BTC), Ethereum (CCC:ETH), Dogecoin, Litecoin (CCC:LTC), Ethereum Basic (CCC:ETC), Bitcoin SV (CCC:BSV) and Bitcoin Money (CCC:BCH).
What to Know In regards to the Robinhood Crypto Information
On the floor, the Robinhood crypto information has massive implications for patrons. Whereas seven cryptocurrencies are available for purchase and promote, clients face limitations. Primarily, they can use fiat currencies like U.S. dollars to buy tokens by way of the app. Then, in the event that they wish to promote, they need to money again out to that preliminary forex. The place issues stand, there aren’t any choices to switch to non-public wallets or straight deposit or withdraw the cryptos.
Nevertheless, the information about deposit and withdrawal modifications can also be elevating buyer questions. Whereas it ought to attraction to clients and lift its crypto legitimacy, others see it as a transfer to spice up its repute. Moreover, Robinhood has shared little or no particulars in regards to the plan. We all know proper now that integrations are underway, however we don’t have a transparent timeline. And traders ought to know that the tweets are available response to social media hypothesis. A few of the key factors to the hypothesis embody that Robinhood has promised such integrations in the past and lingering questions over who could have autonomy over digital wallets. Will clients have entry to their crypto keys whereas utilizing Robinhood?
And one of many greatest tales to observe? Musk and several other different social media customers are portray the case that Robinhood is the largest holder of DOGE. As we look forward to these headlines to play out, the Robinhood crypto information seems to be further fascinating.
On the date of publication, Sarah Smith didn’t have (both straight or not directly) any positions within the securities talked about on this article.
Sarah Smith is a Net Content material Producer with InvestorPlace.com.