Robinhood reportedly reintroduced its instant deposit feature for crypto purchases amid Dogecoin (DOGE) surge after the feature was suspended on 29 January
Stock and cryptocurrency buying and selling app Robinhood has reportedly re-enabled their instant deposit feature for cryptocurrency purchases after nearly every week of it being suspended.
Robinhood has now eliminated the unique replace on its assist web page that states that they suspended instant deposits, and its web site at present overtly reveals sure customers as soon as once more have the “instant entry” to purchase as much as $1,000 price of crypto. Many of the app’s customers additionally reported they have been in a position to entry the buying and selling feature late Thursday. Their stories have been seen on numerous social media platforms.
The aforementioned “instant shopping for” perform is a paid feature that provides Robinhood customers instant entry to funds from their financial institution deposits and inventory trades. While customers have been nonetheless in a position to purchase cryptocurrency utilizing beforehand deposited funds, some deposits can take as much as 5 enterprise days to clear, and this could imply shedding out on giant quantities of revenue in the case of coping with unstable cryptocurrencies.
As small-time merchants have entry to this essential Robinhood feature as soon as once more, the value of the infamous meme-based cryptocurrency Dogecoin (DOGE) has risen over 50% within the final 24 hours to in the end attain $0.06 earlier than crashing down. The token obtained a further inflow of bulls after CEO of Tesla and SpaceX, Elon Musk, name-dropped DOGE in quite a few tweets earlier yesterday.
Elon has gone full doge 😂 pic.twitter.com/urQ6Q0R2tz
— Dan Held (@danheld) February 4, 2021
Robinhood continues to be below scrutiny after the funding app suspended buys of GameStop Corp (NYSE: GME) inventory and some different shares pushed by a horde of retail buyers from the r/Wallstreetbets subreddit final week.
This had such an impact on Robinhood, that the corporate needed to delay its plans of going public. In addition to that, US House of Representatives Financial Services Committee lawmakers will maintain a listening to concerning the GameStop state of affairs, with the CEO of Robinhood Vlad Tenev being one of many predominant witnesses.