Robinhood Enables Deposits And Withdrawals Of Crypto Assets

Robinhood Markets Inc (NASDAQ: HOOD) has enabled deposits and withdrawals of the platform’s listed cryptocurrency assets.

What Happened: In a tweet on July 7, Robinhood announced that deposits and withdrawals of all listed cryptocurrency assets would be enabled. The trading platform’s announcement comes amidst a plunging cryptocurrency market, with more than $2 billion of capital wiped out of the sector.

This news follows a recent uptick in Robinhood’s share price due to rumors of a merger with FTX last week.

Why It Matters: Robinhood gained a large portion of its retail investor user base during the last major market crash, immediately following the onset of the COVID-19 pandemic in 2020. Since then, the crypto sector has grown immensely, attracting traders and investors globally. 

Robinhood’s cryptocurrency trading options have become a significant part of the platform’s trading network. Robinhood’s latest move comes in the midst of turbulent market conditions as it looks to improve infrastructure and utilities to continue to grow its user base, despite the macroeconomic climate.

Related Link: Sam Bankman-Fried Says FTX Has 'A Few Billion' To Support Failing Crypto Companies

Photo: Shutterstock