We take a look at what Robinhood will allow its customers to withdraw and deposit in cryptocurrencies like Dogecoin and what it means for investors
Robinhood Markets, Inc will allow its customers to withdraw and deposit cryptocurrencies such as Bitcoin (BTC) and the created cryptocurrency Dogecoin (DOGE).
What happened: The broker announced in a series of tweets that it was allowing deposits and withdrawals of all cryptocurrencies listed on the platform.
Why it matters: Robinhood currently allows its users to buy, sell, and store cryptocurrencies, but users cannot transfer their cryptocurrencies to other wallets.
Last month, Robinson implemented restrictions and disabled instant deposits for cryptocurrency trading after the price of DOGE surged 800%.
In addition, the brokerage suspended buying Reddit-promoted stocks, such as GameStop Corporation’s stock.
and AMC Entertainment Holdings.
AMC-Entertainment X
NYSE Asset Management
14.43
2.2 (17.95%)
Quantity: 89.91M
Open: 12.4 – 14.47
52 weeks: 9.7 – 73
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, at this time retail investors carried out a short squeeze.
Tesla CEO Elon Musk.
Tesla X
NASDAQ TSLA
759.63
51.9 (7.33%)
Capacity: 29.76M
Opening price: 720.53 – 759.8
52 weeks: 571.22 – 1243
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, said Tuesday that Robinson may be the owner of DH5, the world’s largest DOGE wallet, which holds more than 28 percent of the entire circulating supply of the Shiba-Inu dog cryptocurrency.
Musk wants major investors in DOGE to dump most of their tokens, saying the cryptocurrency is “too concentrated” in the hands of a few whales.
Price Action: At press time, BTC was trading up 4.25% at $51,883.04, while DOGE was trading down 3.12% at $0.051.
Benzinga’s take: The measure became important because the ardent cryptocurrency community felt it was crucial to be able to transfer coins from one exchange to a different wallet, where the user owns the private key. Robinson, and PayPal Holdings Inc. PYPL 5.96%
, and therefore had to face criticism for not allowing users to have such a key.
Musk expressed support for the idea earlier this month, while also attacking FreeWallet.
