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Robinhood Is Likely Going To Introduce A Crypto Wallet Feature To Let Users Withdraw Crypto

In recent news, Robinhood has reportedly been testing out a new cryptocurrency wallet function that would allow its users to finally be able to withdraw cryptocurrencies from its application. Robinhood is a retail-trading platform that has long been asked about its crypto withdrawals and when its users could expect such a feature to be added. With this new crypto wallet function, the ability to withdraw and deposit cryptocurrency assets will be added at last. 

The news had initially been reported via a rumor earlier today, wherein a few screenshots had emerged online showing a beta version of the withdrawal interface regarding the new feature for the platform’s iOS application.

Still some work to be done

Although there are not too many details available to us at this given time, there have been some claims regarding a waitlist that involves the users already being given the opportunity to register for the new wallet. The claims had also mentioned that the application was using code pertaining to crypto transfers.

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Right now, the users are limited to only being able to purchase cryptocurrencies with USD as well as trade various digital assets. This is because the withdrawal and deposit functions have yet to be added, which is exactly why the users have been asking Robinhood to add such functionality for a long time now. Most of the demand had come from Dogecoin (DOGE) enthusiasts.

Robinhood finally listens to its users

Vlad Tenev, Robinhood’s CEO, stated during a quarterly earnings call last month that the platform would finally be looking at the introduction of a new cryptocurrency wallet. He said that Robinhood has been perfectly aware of the demand from the users to have this feature be added and that the firm is hence very excited to launch the aforementioned new crypto feature.

Originally, Robinhood had launched trading services centered around both Bitcoin (BTC) and Ethereum (ETH) back in 2018, with the services being granted to customers across five states in the U.S. Since then. However, Robinhood has continuously expanded upon the support being provided to numerous altcoins, which also included adding support for customers based in even more locations. 

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In related news, Robinhood is not the only one working on expanding its crypto-oriented support, as other companies, platforms, and firms have been making similar efforts, as was made evident by the likes of both Adobe as well as AMC Entertainment. The latter had recently added crypto payments for BTC, ETH, BCH, and LTC.

MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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