Posted 9 months ago | by @devadmin

Following recent controversy where Robinhood paused trading on a number of  stocks including GameStop (GME) and AMC Entertainment, the app used by numerous young investors has announced that it will soon allow its users to deposit and withdrawal cryptocurrencies in an apparent attempt to salvage its reputation and clear its name.

Currently, users of the popular trading app can only buy and sell cryptocurrencies within their Robinhood accounts as a form of paper trading, such as Bitcoin. However, users cannot withdraw their assets to transfer to other wallets.

The online brokerage app Robinhood stated it plans to enable withdrawals and deposits of cryptocurrencies including Dogecoin.

In a tweet, the app provider said it “fully intends” to provide the extra functionality, though no date was provided for when the functionality might be activated for users. At this time, traders can only buy and sell crypto assets within the app, according to its support page.

In January, Robinhood temporarily disabled users abilities to buy cryptocurrencies and securities due to volatile market conditions sparked by a trading frenzy in shares of GameStop. The brokerage faced criticism from users when they could only sell and not buy certain stocks, while buying Dogecoin and other cryptocurrencies was also disabled. Congress recently held a hearing on the Gamestop situation, Robinhood investigating allegations of manipulation.

The investigation was spear headed by the U.S. House Financial Services Committee. California Rep. Maxine Waters said the House Committee on Financial Services hearing was “an opportunity for this committee to get the facts about the role each of the entities of the witnesses represent played in the events we are examining today.” The hearing’s title was, “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.”

Reddit, Robinhood, Citadel and Melvin Capital, along with the Reddit poster on WallStBets who championed the GameStop buying frenzy RoaringKitty, were all in attendance at the hearing through video conferencing app Zoom. However, by the end of the more than five-hour hearing, committee members still had more questions than answers about what had transpired. But one thing was for sure, Keith Gill, a trader known as “RoaringKitty” on YouTube, confirmed, that he was not in fact a cat referencing a wildly popular 2021 meme of a lawyer in Texas.

As part of a series of tweets here, Robinhood said it does not currently invest in cryptocurrency or use any customer cryptocurrency for its own benefit.

Bitcoin is currently trading at [FIAT: $53,984.65] DOWN -4.5% in the last 24 hours according to Coingecko at the time of this report.