Robinhood, the stock and cryptocurrency trading app, reportedly reactivated spot deposits to buy cryptocurrencies after about a week.
Robinhood removed the original update from the support page, suspended instant deposits, and the site now shows that some users again have “instant access” of up to $ 1,000 in amounts to buy cryptocurrencies. Several app users also reported on social media that they had access to the trading function last night.
Instant Buy is a paid feature that gives Robinhood customers instant access to funds from bank deposits and stock transactions. While users can still purchase cryptocurrencies with previous deposits, it could take up to five business days to clear those deposits. When it comes to dealing with cryptocurrencies, it could mean that you are skipping over periods of volatile trading.
With retailers gaining access to this Robinhood feature once again, the cryptocurrency Dogecoin (DOGE) has risen more than 50% in the past 24 hours to reach $ 0.0475 at press time. The code likely received additional feed after billionaire Elon Musk mentioned DOGE in a series of tweets this morning.
Robinhood remains in control after the investment app suspended purchases of GameStop and other retail stocks from r / Wallstreetbet’s subreddit last week.
Since then, the company is said to have made plans to list it on the stock exchange. Additionally, lawmakers from the US House of Representatives Financial Services Committee will hold a hearing related to the GameStop show on February 18, with Robinhood’s president, Vlad Teneff, expected to testify.