The retail trading firm announced on Twitter it now lets all users transfer bitcoin and cryptocurrencies in and out of its platform
According to a tweet from the firm on Thursday, the retail trading app Robinhood now allows all users to move bitcoin in and out of the app.
Crypto transactions have arrived, according to the tweet. All mentioned crypto assets can now be sent and received on Robinhood.
In the accompanying video, the business announced that it would not impose any fees on transactions of bitcoin done outside of its platform.
When did the relationship between Bitcoin and cryptocurrency and Robinhood?
There has long been a connection between Bitcoin, cryptocurrencies, and Robinhood. The financial services company joined the market in 2018 after announcing the launch of its subsidiary, Robinhood Crypto, which focuses on cryptocurrencies. The company caters mostly to regular investors and popularized the commission-free stock trading concept.
Since then, among cryptocurrency enthusiasts, the program that puts low-cost trading at investors' fingertips has experienced tremendous growth. However, the business has come under fire from Bitcoin users for not allowing customers to withdraw their purchased coins to self-custody wallets; this problem has since been resolved.
began testing its bitcoin withdrawal tool
1.6 million people joined up for the line to gain access to the company's bitcoin withdrawal mechanism less than two months after it started testing it in September 2021. to the feature. In January 2022, it rolled out bitcoin withdrawals for the first time.
By making the service available to all customers, Robinhood is now aiming to solidify its position in the bitcoin trading industry while vying for market share against rival brokers like the Cash App from Block, which has long allowed withdrawals. The intentions for Robinhood to include Bitcoin's second-layer network, which were first outlined in April at Bitcoin 2022, have not yet materialized, despite the fact that Cash App already supports the Lightning Network.
Less fees
In general, cryptocurrency brokers are fighting it out to offer the lowest fees in an effort to draw customers and promote increased platform activity in the middle of a general cryptocurrency winter.
Binance
The world's largest cryptocurrency exchange's U.S. affiliate, Binance.US, reduced its bitcoin trading charge to zero last month. In honor of its fifth anniversary, Binance said on Wednesday that it will expand that service internationally. This announcement represents an even greater push by the company, which is run by Chinese billionaire Changpeng Zhao.
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