Robinhood To Allow Customers To Deposit, Withdraw Cryptocurrencies

Bitcoin
FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/Illustration

Online broker Robinhood said on Wednesday it intends to give customers the ability to deposit and withdraw cryptocurrencies, including the meme-based dogecoin.

The trading app popular with young investors currently allows customers to buy, sell and hold cryptocurrencies such as Bitcoin on its platform, but users cannot withdraw their assets to transfer to other wallets.

In January, Robinhood had temporarily disabled a feature on its app that allowed users to buy crypto securities instantly due to volatile market conditions sparked by a trading frenzy in shares of GameStop Corp . The brokerage faced criticism from users who could not move their assets to other wallets.

As part of a series of tweets, Robinhood said on Wednesday it does not currently invest in cryptocurrency or use any customer cryptocurrency for its own benefit.

Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel; Reuters

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