Robinhood has announced the enabling of Bitcoin (BTC) transfers and listed cryptocurrencies in its trading app for all users. As of now, it will also be possible to send and receive cryptocurrencies.
Robinhood and the activation of Bitcoin and cryptocurrency transfers
Robinhood’s trading app announced that it had enabled transfers for all users in regards to Bitcoin (BTC) and all listed cryptocurrencies.
— Robinhood (@RobinhoodApp) July 7, 2022
“Cryptocurrency transfers are here. You can now send and receive all cryptocurrencies listed on Robinhood.”
Basically, if trading could be done before, from now, users will also be able to send and receive listed cryptocurrencies through the app. Not only that, in the video shown in the tweet, Robinhood demonstrates that it will not charge any fees for Bitcoin transfers from its platform.
Robinhood only entered the crypto world in 2018 after announcing the launch of its industry-focused subsidiary, namely Robinhood Crypto.
Robinhood aims to consolidate its position in the cryptocurrency sector
This new possibility, offered by Robinhood, brings the trading app to perform all the operations of classic cryptocurrency exchanges, aiming to consolidate its position in this new sector.
Not only that, but recently, Robinhood announced the launch of its Web3 non-custodial wallet, which would allow its users to have full control of their cryptocurrencies. The new Web3 multi-chain wallet will be an independent app, and customers will be able to hold the keys to their assets by accessing dApps directly.
Also immediately highlighting today’s news was Shiba Inu, retweeting the video and commenting as follows:
“Woof! Robinhood transfers are now active for SHIB – a great opportunity for cryptocurrency enthusiasts.”
Its intervention comes after, in April 2022, Robinhood added SHIB to the list of cryptocurrencies listed on the app, causing SHIB’s price to pump by 21% in just two hours.
The actions of cryptocurrency exchanges
While Robinhood adds the functionality of BTC transfers and in listed cryptocurrencies, setting the fees for Bitcoin transfers from the platform to zero, other cryptocurrency exchanges have also been moving lately in anticipation of the long “crypto winter” we are currently experiencing.
Binance, for example, with the occasion of celebrating its 5th anniversary, has also zeroed trading fees for 13 Bitcoin pairs with stablecoins and fiat currencies.
Other cryptocurrency exchanges, however, are a bit more downbeat. Bitstamp has introduced new fees, such as one on inactive users of €10 per month. At the same time, Coinbase has announced that it will close Coinbase Pro by the end of the year.