The controversy-laden trading platform Robinhood announced on Wednesday that it intends to implement cryptocurrency deposits and withdrawals. While customers accept been able to purchase and sell cryptocurrency via the platform for some fourth dimension, they are unable to access the coins themselves to transfer them to other wallets.

Co-ordinate to a series of tweets published from the company'due south Twitter account, work on integration of cryptocurrency transfers has already begun, though no dates or specifics were provided on when it will go live.

Robinhood too clarified that crypto deposits would be custodied past their own wallets and added that the company does not invest in cryptocurrency and volition not apply customer funds for its own benefit.

Robinhood currently has seven cryptocurrencies listed for merchandise on their platform, including Bitcoin (BTC), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC), Ethereum Archetype (ETC), Bitcoin Cash (BCH) and Bitcoin SV (BSV). Information technology is unclear if they intend to curl out support for transfers of all seven coins.

On Jan. 29, Robinhood suspended instant fiat deposits in response to social-media-fueled speculation, chalking upward the decision as a reaction to "extraordinary market place conditions." The visitor was already under fire from both customers and regulators after restricting purchases of a select handful of securities offered for trade on its platform. Past February. 4, Robinhood had reinstated instant deposits for crypto purchases.

The decision to expand cryptocurrency-related services comes at a fourth dimension of increasing distrust of centralized service providers. Not everyone believes the motility to offer crypto deposits and withdrawals volition help Robinhood regain brownie lost through its contempo deportment. Others take questions most how the deposit and withdrawal process volition work, specifically equally information technology relates to customer access of private keys.

On Feb. vii, a 30-2nd NFL Super Bowl commercial aired for Robinhood in which a new slogan for the company was unveiled: "Nosotros are all investors."