{"id":8238,"date":"2022-07-07T16:45:53","date_gmt":"2022-07-07T16:45:53","guid":{"rendered":"http:\/\/ci02a59c8f300027b6"},"modified":"2022-07-07T16:45:53","modified_gmt":"2022-07-07T16:45:53","slug":"robinhood-enables-bitcoin-transfers","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/robinhood-enables-bitcoin-transfers","title":{"rendered":"Robinhood Enables Bitcoin Transfers For All Users"},"content":{"rendered":"
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Retail trading app Robinhood has enabled bitcoin transfers in and out of its app for all users, the company\u2019s Twitter account announced Thursday.<\/p>\n

\u201cCrypto transfers are here,\u201d the tweet<\/a> read. \u201cYou can now send and receive all listed crypto assets on Robinhood.\u201d<\/p>\n

The tweet featured a video in which the company announced it won\u2019t charge fees for bitcoin transfers out of its platform.<\/p>\n

Robinhood\u2019s history with Bitcoin and cryptocurrencies isn\u2019t new. The financial services company, which appeals mainly to retail investors and popularized the commission-free stock trading model, began dipping its toes into the sector in 2018<\/a> after it announced the imminent launch of its cryptocurrency-focused subsidiary, Robinhood Crypto.<\/p>\n

Since then, the app that brings low-cost trading to investors\u2019 fingertips has grown immensely in popularity among the cryptocurrency crowd<\/a>. However, the firm had been a center for criticism among Bitcoin users for not allowing customers to withdraw their purchased coins to self-custody wallets \u2013 something it is now trying to put to rest.<\/p>\n

The firm started testing its bitcoin withdrawal feature in September 2021<\/a>, and in under two months 1.6 million users were on the waitlist<\/a> to access the functionality. It first began rolling out bitcoin withdrawals<\/a> in January 2022. <\/p>\n

Now, by enabling the feature to all users, Robinhood aims to cement its position in the cryptocurrency trading space while it eyes market share of competing brokers such as Block\u2019s Cash App, which has allowed withdrawals for years. But while Cash App already supports the Lightning Network, Robinhood\u2019s plans to integrate Bitcoin\u2019s second-layer network, sketched out in April at Bitcoin 2022<\/a>, have yet to come to fruition. <\/p>\n

Broadly, cryptocurrency brokers are racing to bottom in the fee competition to attract users and encourage ever more platform activity \u2013 all in the midst of a widespread cryptocurrency winter<\/a>. <\/p>\n

Last month, Binance.US, the U.S. subsidiary of the world\u2019s largest cryptocurrency exchange, cut its bitcoin trading fee to zero<\/a>. On Wednesday, Binance announced it would extend that offering globally<\/a> in commemoration of its fifth anniversary \u2013 an even stronger push by the firm led by Chinese billionaire Changpeng Zhao.<\/p>\n","protected":false},"excerpt":{"rendered":"

The retail trading firm announced on Twitter it now lets all users transfer bitcoin and cryptocurrencies in and out of its platform.<\/p>\n","protected":false},"author":2572,"featured_media":8239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[76,80,93,571],"class_list":{"0":"post-8238","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin","9":"tag-crypto","10":"tag-news","11":"tag-robinhood"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/MTkwNzMwNzQ1Mjc3MzI3MzA5-scaled.webp","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/8238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=8238"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/8238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/8239"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=8238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=8238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=8238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}