Correct me if I’m wrong but with Robinhood you’re not actually buying coins you could deposit in a wallet. You’re trading alongside the crypto market which makes this a great way to cut back on exposure.
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If you read their FAQ you can transfer your coins out of Robinhood. However, you will need to go through KYC checks and it takes a few days.
As a broker don’t they have to do kyc for everyone?
Yes, on signup you do need to provide your personal info. Their current FAQ says that they are planning to allow crypto withdrawals eventually:
https://support.robinhood.com/hc/en-us/articles/360000088663-Crypto-Transfers-Deposits
So we'll see when/if it happens
I was wondering about that myself. It might be more akin to say, open.ETH on OpenLedger, except there, you actually have a wallet.
There is a FAQ here on the Robinhood website:
https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability
No mention of wallet services there. Not sure exactly how to phrase this, but it looks to me like you're buying an asset pegged to the market, not the coin.
Yea, I believe this is correct. It’s an asset pegged to crypto not crypto itself which means no volume boost. Also it’ll probably hurt adoption as these traders won’t actually be buying/learning about/using any cryptocurrencies.
It's made for traders, for trading. Buying because you want to use the asset is isn't trading so it does make sense. It's a trading app not an exchange.
True
Hmm. Didn't consider the adoption rate as a factor in this ("no volume boost"). I think you're right about the education of traders, too. Knowing how to use a wallet, and manage it, even if it is on an exchange will demonstrate the utility of the coin.
Thanks for confirming the terms to describe the asset.
I’m basing this off what I’ve read I could be wrong but yea I’m not sure if this trading trend is good for us tbh. Hopefully it’ll spark interest and push people into getting wallets, using currencies and contributing to the blockchain.
I hope this isn’t the case. That would be a huge disappointment after the wait. Would feel like a bait and switch.
Unfortunately I think this is what they’re doing. Same as bitcoin futures
The press release seems clear enough with no mention of derivative assets. There could be a nasty backlash if this turns out to be the case.
They don’t allow cryptocurrency deposits or withdrawals(https://support.robinhood.com/hc/en-us/articles/360000088663-Crypto-Transfers-Deposits).
Oh. Less interested now. Ha.
I didn’t realize that. It’s a such a great way for them to generate new accounts.