Robinhood's users can now transfer Bitcoins

The retail commerce firm proclaimed on Twitter it currently lets all users transfer bitcoin and cryptocurrencies in and out of its platform. Retail trading app Robinhood has enabled bitcoin transfers in and out of its app for all users, the corporate’s Twitter account announced Thursday. Crypto transfers are here the tweet read. You’ll now send and receive all listed crypto assets on Robinhood. The tweet featured a video during which the company announced it won’t charge fees for bitcoin transfers out of its platform.

Robinhood’s history with the flagship crypto

Robinhood’s history with Bitcoin and cryptocurrencies isn’t new. The monetary services company, that appeals in the main to retail investors and popularized the commission-free stock commerce model, began dipping its toes into the arena in 2018 once it proclaimed the upcoming launch of its cryptocurrency-focused subsidiary, Robinhood Crypto.

Since then, the app that brings cheap trading to investors’ fingertips has full-grown vastly in quality among the cryptocurrency crowd. However, the firm had been a middle of criticism among Bitcoin users for not permitting customers to withdraw their purchased coins to self-custody wallets – one thing it’s currently making an attempt to place to rest.

The firm started testing its bitcoin withdrawal feature in Sep 2021, and in beneath 2 months, 1.6 million users were on the waitlist to access the functionality. It initials began rolling out bitcoin withdrawals in January 2022.

Crypto platform aims to cement its position

Now, by sanctioning the feature to any or all users, Robinhood aims to cement its position within the cryptocurrency commerce area whereas it eyes market share of competitor brokers love Block’s money App, that has allowed withdrawals for years. However, while money App already supports the Lightning Network, Robinhood’s plans to integrate Bitcoin’s second-layer network, sketched out in Gregorian calendar month at Bitcoin 2022, have nonetheless to come back to fruition.

Broadly, cryptocurrency brokers are athletics to the lowest within the charges’ competition to draw in users and encourage ever additional platform activity, to beat the thick of a widespread cryptocurrency winter. Last month, Binance.US, the U.S. subsidiary of the world’s largest cryptocurrency exchange, cut its bitcoin commerce fee to zero. On Wednesday, Binance proclaimed it’d extend that giving globally in commemoration of its fifth day, a fair stronger push by the firm crystal rectifier by Chinese wealthy person Changpeng Zhao.