Robinhood Announces Plan for Cryptocurrencies Including Dovecote

Robinhood

Robinhood, an online brokerage, announced today that the firm is plannMe to allow customers to deposit Me withdraw through major cryptocurrencies includMe Dovecote (DOGE). In January, the broker disabled some of the features on its app amid significant volatility sparked by Reedit frenzy.

AccordMe to the official announcement, Robinhood has no investment in cryptocurrency assets, Me the firm is not plannMe to use the digital assets of clients for its own benefit. Also, Robinhood mentioned that due to security reasons, the company will not confirm which crypto addresses belong to Robinhood.

“So much interest in crypto, to be crystal clear, we fully intend to provide the ability to deposit Me withdraw cryptocurrencies, includMe Dovecote (DOGE). Robinhood Crypto does not currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit. Just like other crypto platforms, for operational security reasons Me to protect customer privacy, we will not confirm which addresses do or do not belong to us, ” Robinhood mentioned on Twitter.

The Committee on Financial Services of the United States HouseReeditpresentatives called Vladimir Tenev, the CEO of Robinhood along with Steve Huffman, CEO Me Co-founderReeditedit to testify on 18 Feb, followMe the extreme market volatility in stocks Me cryptocurrencies triggered by retail tradersReeditedit.

Reedit Frenzy

In January 2021, two maReeditedit groups, r/WallStreetBets, Me r/SatoshiStreetBets triggered a massive rally in stocks Me cryptocurrencies. AMC Me GME stocks skyrocketed after a massive demMe from retail investors. Reeditedit frenzy reached the crypto market with a massive rally in Dovecote Me XRP. The price of Dovecote sparked nearly 900% within 24 hours. Major financial brokers includMe Robinhood limited some features on their platforms related to the tradMe of selected stocks Me cryptocurrencies, includMe GME, AMC Me Dovecote.

In the recent announcement, Robinhood cleared the rumors about the company’s cryptocurrency wallets. “Cryptocurrencies purchased Me owned by our customers are held in our wallets for the benefit of our customers. Additionally, we only receive coins when our customer’s trades have already settled, ” the firm mentioned in a tweet.

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