July 23, 2024
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Robinhood users allowed to withdraw cryptocurrency, for the first time


Robinhood is evaluating a long-awaited digital wallet feature that allows users to transfer and receive crypto-assets like Bitcoin (BTC).

Bloomberg Reports

On September 21, Bloomberg published the story. They claim to have seen pictures of a withdrawal U.I. in a test version of Robinhood wallet function in the IOS app.

Bloomberg claims to have spotted a queue where people may join up for the new digital asset wallet. However, the specifics are few. The programme also includes code that refers to bitcoin transfers, according to the study.

The app does not enable crypto withdrawals and deposits. So, Robinhood customers may presently only buy crypto using U.S. dollars and trade digital assets on the site.

Robinhood and Crypto

Crypto traders on Robinhood have long pressed the business to provide deposit and withdrawal capabilities for digital assets. Along with the demand increasing this year as a swarm of fervent Dogecoin supporters flocked to the site.

Robinhood CEO Vlad Tenev said that the company was finally looking into launching a cryptocurrency wallet.

“I know there’s been a ton of enthusiasm from the crypto community and the Dogecoin community in particular in getting access to wallets,” Tenev said. Therefore, underlining the company’s eagerness to deploy the new functionality.

In 2018, Robinhood began offering Bitcoin and Ethereum trading services to consumers in five U.S. states. Since then, Robinhood has extended its cryptocurrency support. Therefore, allowing traders in all but four U.S. states to use its crypto capabilities.

In 2021, crypto services have become a significant component of Robinhood’s income. The company’s Q2 report revealing that crypto trading accounted for roughly 41% of its $565 million revenue. On the other hand, Crypto trading brought in $5 million for the entire year of 2020.

Earlier this month, the company boosted its crypto services by introducing a recurring crypto investing tool that allows customers to dollar cost average (DCA) into bitcoin holdings.

Mainstream Companies Accept Digital Currency

Robinhood isn’t alone in wanting to extend its crypto support, with a growing number of mainstream companies declaring plans to accept digital currency payments.

AMC Entertainment wants to allow movie ticket payments in Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) by 2022, according to Cointelegraph. In August, the firm announced that it would allow Bitcoin payments.

Adobe also announced on September 15 that beginning in the fourth quarter of this year, businesses using its Adobe Commerce platform would be able to accept cryptocurrency payments via Paypal.