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Crypto Withdrawals Coming To Robinhood?

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Rob
@rob23
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2 min read

One of the major issues that I have always had with the Robinhood app is the lack of ability to move the cryptocurrency assets that you purchase on the app... That may be changing soon.

Bloomberg reported that Robinhood is testing a wallet feature for their app that will allow users to withdraw the crypto that they purchase on the app. I can't imagine that this will be free as it would end up killing Robinhood's profit line, but is an exciting addition for people who still have some cryptocurrency in their portfolio there.

I personally have not used Robinhood's cryptocurrency services after realizing that without the ability to send that crypto anywhere I wanted to, I did not really own the currency I was purchasing. While you do have the ability to withdraw it as cash at an ATM using the cash management card they offer, it is not quite the dream of owning your keys, owning your crypto, etc... This would be a game changer for them.

With groups like Paypal and Venmo offering cryptocurrency services, Robinhood is in need of something that will differentiate them from the crowd; a wallet feature feels like a step in the right direction. I imagine that the wallet feature will include a tax report conveniently generated for you to pay taxes on each and every cryptocurrency transaction you make... Something we all surely do already... Right?

I will probably give their wallet function a try when it finally comes out and will be looking at how that effects the companies overall valuation.

@mariosfame gif once again, I love it:

@sgt-dan with this sick pic:

@gr33nm4ster made this awesome gif I needed to share, we thank him as well!:

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