Robinhood News

The stock trading app is set to debut crypto trading for its users except those in the state of New York.

An influx of new users to the trading app and high demand for crypto products had previously resulted in longer customer service wait times.

The SEC asserts that the defendants unlawfully gleaned more than $700,000 through a wash-trading scheme that targeted exchanges offering market maker rebates.

The company did not specify which tokens the digital wallet would support, but the app currently provides commission-free trading for BTC, ETH, LTC, BCH, BSV, DOGE, and ETC.

Robinhood is reportedly testing a new crypto wallet feature that would finally enable users to withdraw crypto from its app.

Retail crypto traders on Robinhood can now set up commission-free recurring investments in multiple crypto assets on a daily, weekly, bi-weekly or monthly basis.

PayPal has reportedly conducted discussions to acquire a broker-dealer but is unlikely to launch the new investment service this year.

Wolfe Research has told investors to consider the “outsized contribution” Dogecoin trading has made to Robinhood’s recent growth.

Around 41% of Robinhood’s quarterly revenues were generated by crypto trading.

Currently, users of popular stock and digital currency trading app Robinhood can’t move their crypto off the platform.

Vienna-based Bitpanda’s valuation has shot up to $4.1 billion, three times its value during the crypto broker’s last private funding round in March.

The decline followed Robinhood Market’s announcement that it would sell up to 98 million Class A shares over time.

After a decidedly lackluster IPO debut last week, Robinhood shares have been wildly volatile in recent days, at one point skyrocketing by as much as 81% on the day.

Unlike traditional IPOs with a six-month lockup period, Robinhood will allow its employees to sell 15% of its shares immediately after the public debut.

“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for,” said Robinhood CEO Vlad Tenev.