Trading Giant Robinhood Enables Transfers for Recently Listed Ethereum (ETH) Challenger

Customers of the trading giant Robinhood can now execute external transfers of the Ethereum (ETH) competitor Avalanche (AVAX).

Robinhood first launched crypto transfers in and out of its platform in July, adding trading support for AVAX and XRP rival Stellar (XLM) last month and unlocking transfers for Avalanche on Thursday.

AVAX is trading at $17.31 at time of writing. The 17th-ranked crypto asset by market cap is down 0.46% in the past 24 hours and more than 2% in the past week. It also remains down more than 88% from its all-time high of around $145, which it hit in November of 2021.

Robinhood also provided an update on its crypto wallet rollout, noting wallets should still be available to customers by the end of the year. The company says beta testing starts this month.

The California-based firm opened a waitlist for beta testers in May after announcing that it was launching a multichain, non-custodial crypto wallet that will allow users to trade crypto, access decentralized apps (DApps), do yield farming and store non-fungible tokens (NFTs), among other functions.

Robinhood CEO Vladimir Tenev noted in August that the number of people who wanted to get early access to the retail trading platform’s Web3 wallet had already surpassed 1 million.

Robinhood has had a difficult year, letting go of 9% of its staff in April and another 23% of its workforce in August.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Zaleman