The infamous trading platform Robinhood has just announced officially that it has plans to implement crypto deposits and withdrawals. The platform lets you buy or sell crypto, but it doesn’t allow users to access the coins themselves in order to transfer them to another wallet.
The announcement came via a series of tweets from the official account of Robinhood. The company declared that it had started working on integrating crypto transfers, but it didn’t offer any details regarding when the feature would go live.
It has also been confirmed that crypto deposits would be kept by their own wallets. Furthermore, Robinhood has mentioned that it doesn’t invest in crypto nor will it use customer funds for its own benefits.
At the moment, Robinhood has seven cryptocurrencies listed on their platform for trading: Bitcoin, Bitcoin Cash, Bitcoin SV, Ether, Ethereum Classic, Litecoin, and Dogecoin. The company hasn’t commented on whether it will offer support for transfers of all seven coins.
Robinhood’s decision to include crypto-related services is seen as risky by some, as the distrust in centralized service providers is increasing, and few believe the move will actually help the company regain the respect and credibility it has lost this year.