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Robinhood to support Cardano transfers

Should I buy Robinhood IPO
Should I buy Robinhood IPO

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After listing Cardano (ADA) on September 1, 2022, a popular brokerage firm, Robinhood, has revealed plans to enable the transfer of the token on its platform. Robinhood made this revelation while engaging a community member on Tweet. The tweep asked when the platform would allow users to send and receive ADA. 

Robinhood made it known that while the feature remains unavailable at the moment, there are plans to work on adjusting it to allow ADA transfers. The brokerage firm is working on adding support for more crypto on its platform. Recently, Robinhood added support for Solana (SOL), Compound (COMP), and Polygon (POL). 

The platform is prominent for offering Zero-fee transaction charges. This implies that Robinhood doesn’t charge any fee for aiding crypto transfer from its platform. Users are still mandated to pay gas fees and other on-chain transactional charges. 

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Around September last year, Robinhood inaugurated a pilot testing round for Bitcoin transfers. The firm didn’t adopt the feature until July 2022. This highlights a possible delay in seeing the promises of the brokerage firm in allowing the transfer of ADA. Currently, there are no signs of testing about the transfer of ADA, which implies that users could wait a little longer before the promises manifest.

KYC policy of Robinhood

Robinhood uses a kind of strong KYC verification process. This comes in line with adhering to regulatory requirements. The platform mandates that users provide a photo of their government-issued Identity card or driver’s license. Failure to provide that implies that such users won’t be able to move out funds. Similarly, there’s a daily transfer limit of $5,000 on every user’s account. All these stipulations are part of Robinhood’s attempt to avoid issues with regulators.

Battle with Crypto crisis

Robinhood rose to prominence during the Covid-19 pandemic. The platform attracted a new influx of investors due to its relaxed stance on platform charges. During that period, the firm recorded many new accounts on its platform. This new league of users contributed massively to the firm’s market cap. 2022 has been a torrid year for Robinhood as the firm battled the harsh consequences of the bear market. Therefore, compelling the firm to lay off a part of its workforce.

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