- Robinhood CEO Vlad Tenev stated the app is making an attempt to make cryptocurrency deposits and withdrawals simpler.
- He was responding to Mark Cuban, who stated dogecoin’s greatest subject is customers cannot spend their Robinhood holdings.
- Cryptocurrencies have blown up, as retail funding by way of apps like Robinhood surged in the course of the pandemic.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Robinhood is making an attempt to make cryptocurrency deposits and withdrawals simpler, the corporate’s CEO Vlad Tenev said on Twitter on Tuesday, in response to suggestions from billionaire and crypto-supporter Mark Cuban.
“Shark Tank” star investor Cuban had tweeted the largest issue standing in the way in which of cryptocurrency dogecoin rising its foothold was folks have been unable to make use of their holdings of the meme coin on the web buying and selling app to make purchases.
Robinhood customers should purchase and promote cryptocurrencies, however the app doesn’t presently permit them to withdraw crypto, or entry their crypto wallets – which they should do with the intention to use their digital cash for cost. Crypto property that individuals are storing elsewhere may also not be transferred into Robinhood accounts.
Any holdings of dogecoin, or different cryptocurrencies, on Robinhood are subsequently successfully locked away and can’t be used to purchase items or providers. This implies buyers and customers of cryptocurrencies will need to have a separate account elsewhere in the event that they want to use their holdings in on a regular basis life.
Tenev’s tweet suggests this might change quickly, as Robinhood is engaged on its deposit and withdrawal capabilities and is addressing these points, which has been raised constantly by the app’s customers.
Cuban, who owns the Dallas Mavericks basketball group, has been a staunch advocate for cryptocurrencies, particularly dogecoin, and believes folks ought to be capable of use it as a cost methodology. Simply final week, he helped a TikTok star use dogecoin to buy tickets to a Mavericks sport. The Mavericks had announced in March they’d settle for dogecoin as cost for merchandise and tickets.
On Monday, Cuban tweeted they have been on observe to finish 6,000 dogecoin purchases this month.
Dogecoin, which began as a joke again in 2013, is sometimes called a meme foreign money. It has soared in worth this 12 months, having gained almost 12,000% within the final 12 months. It reached a excessive above $0.45 earlier this month. On Tuesday, it was buying and selling round $0.27, up 1.2% on the day.
Alongside different cryptocurrencies together with bitcoin and ether, dogecoin gained recognition over the previous 12 months as retail investing surged in the course of the pandemic. Dogecoin traded for lower than a cent a 12 months in the past and bitcoin’s worth has grown over 600% over the identical time.
Crypto merchandise corresponding to extra cash, non-fungible tokens, and even digital sports activities functions have been created, or have gained traction just lately.
Platforms like Robinhood, which is getting ready to go public by way of preliminary public providing, permit retail buyers to commerce crypto property, in addition to shares, from their telephones. Robinhood itself has additionally seen important consumer progress over the previous 12 months.