Robinhood reportedly reintroduced its instant deposit feature for crypto purchases amid the surge in Dogecoin (DOGE) after the feature was suspended on Jan. 29.
The stock and cryptocurrency trading app Robinhood has reportedly re-enabled the instant deposit feature for cryptocurrency purchases after a nearly week-long hiatus.
Robinhood has now removed the original update on its support page that said instant deposits have been suspended. The website is currently openly revealing that certain users have “instant access” again to purchase cryptocurrencies worth up to $ 1,000. Many app users also reported having access to the trading function late Thursday. These reports have been seen on various social media platforms.
The “Buy It Now” feature mentioned above is a paid feature that Robinhood users can use to instantly access funds from their bank deposits and stock deals. While users were still able to buy cryptocurrencies with previously deposited funds, some deposits can take up to five working days to process. This can mean that large amounts of profit are lost when dealing with volatile cryptocurrencies.
With small traders regaining access to this vital robinhood feature, the price of the infamous meme-based cryptocurrency Dogecoin (DOGE) has surged over 50% in the past 24 hours, eventually hitting the $ 0.06 mark before price crashed. The token received an additional influx of bulls after Tesla and SpaceX CEO Elon Musk mentioned DOGE by name in numerous tweets yesterday.
Robinhood continues to be under scrutiny after the investment app suspended buying shares in GameStop Corp (NYSE: GME) and a few other stocks last week driven by a horde of retail investors from the r/Wallstreetbets subreddit.
This affected Robinhood so much that the company had to postpone its IPO plans. In addition, the US House of Representatives Financial Services Committee legislature will hold a hearing on the GameStop situation, with Robinhood CEO Vlad Tenev being a key witness.