- Robinhood now allows Dogecoin transfers, offering a 1% deposit bonus until Nov 30.
- Blockchain analysis revealed 164M DOGE, worth $25M, exited Robinhood post-SEC notice.
- Robinhood extends crypto services to European users, enhancing global accessibility.
Robinhood Crypto has officially expanded its cryptocurrency services by enabling Dogecoin (DOGE) transfer. This improvement allows the platform users to deposit and withdraw DOGE and a 1% deposit bonus, valid until November 30.
Robinhood Crypto now supports $DOGE token transfers!
Withdraw & Deposit #DOGE and earn a 1% deposit bonus on the app until 30 November.
Terms apply. Download the app: pic.twitter.com/DYWoWaxITl
— Robinhood Crypto EU (@RobinhoodCrypto) November 2, 2024
This move is within the context of Robinhood’s ongoing strategic plans to expand the number of crypto assets onboarded and the easy access to them for users after some turbulence due to regulatory issues.
Robinhood’s crypto division received a Wells Notice from the US Securities and Exchange Commission (SEC) and massive withdrawals of DOGE by users earlier this year. Recent Blockchain analysis revealed that around 164 million DOGE worth roughly $25 million was transferred from Robinhood.However, with technological advancements to enable DOGE transfers, the platform is determined to restore users’ trust in cryptocurrency.
Regulatory Recovery and Market Impact
Following the regulatory scrutiny that led to a temporary suspension of DOGE withdrawals, Robinhood has worked to align its operations with regulatory standards, signaling a potentially more stable future for its cryptocurrency services. The reintroduction of Dogecoin transfers marks a significant step in Robinhood’s commitment to comply with regulatory demands and enhance the functionality and reach of its global crypto services.
The response to this development has been positive, with a noticeable uptick in DOGE transactions on the platform. Analysts observe that Robinhood is actively working to rebuild its reputation among crypto investors by re-enabling these transfers and offering deposit bonuses. This strategy may increase user engagement and strengthen Robinhood’s position in the competitive crypto trading market.
Expansion of market coverage and the development of new products for trading are to help Robinhood attract more customers and improve its reputation as a user-friendly cryptocurrencies trading platform. The announcement of including Dogecoin and extending bonuses for deposits might help to balance the fluctuations of the crypto market.
