Robinhood confirms crypto transactions are imminent

Online broker Robinhood has confirmed it intends to enable customers to deposit and withdraw cryptocurrencies, including the meme-based dogecoin.

The news was announced in a series of tweets publicized on the official company channel.

Robinhood has been beleaguered in controversies. First, the platform sent shivers down the spines of investors who thought shorting GameStop would be an easy task, but they ended up losing billions. Then SEC said it would investigate the platform and not least, a teenager ended his life as he thought he had incurred a multi-million debt off his recreational trading.

Despite these apparent setbacks, Robinhood is not pulling the plug. The company is jumping on the crypto bandwagon, and looking to implement cryptocurrency deposits and withdrawals.

A similar move has been already undertaken by other established payment processors, including Apple Pay, PayPal, and MasterCard to name a few. As to Robinhood, work on integrating cryptocurrency transfers has already started, and the platform won't take long before catching up to the rest.

Following on the advice of Tesla investor, Elon Musk, Robinhood will give customers custodial rights over their deposits and funds, and customer funds will not be used by the Robinhood platform for its own benefit.

Presently, Robinhood trades BTC, DOGE, ETH, LTC, BCH and BSV, and the company seems determined to stay on the right side of crypto regulation. This comes at a time when Robinhood has to navigate many sensitive issues, with regulators suspending certain securities offered by the company.

As more mainstream investors pile on the idea of investing in crypto, including Morgan Stanley, Robinhood is only following in the trend. Given the company's track record, it's the little investors who would once again stand to benefit.

While mainstream organizations are vowing support for crypto, recreational websites such as 1xBit, Bitcasino, and BitStarz have been doing so for years already. Drop by these websites for a juicy bonus in your favorite cryptocurrency.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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