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Bay Area-Based Stock Trading App Managing Director Robinhood Answers Cryptocurrency Questions on Reddit

By on April 28, 2021 0


Photo by Dan Gentile

This Thursday, December 17, 2020, the photo shows the logo of the Robinhood app on a smartphone in New York.

Patrick Sison / Associated Press

The Robinhood stock trading app grabbed the headlines this year with the Gamestop meme stock fiasco, a Reddit-born ploy to punish short sellers and make a few pranksters a lot of money. In a controversial move, the app negotiation temporarily interrupted during the stock boom as well and made a lot of editors unhappy.

So it seemed like a disastrous idea to send COO Christine Brown to one of the Reddit activities. “Ask me anything” sessions, especially on how the app handles cryptocurrency trading. But so far, perhaps thanks to some very active moderators, things have remained relatively civil, though a leading commentator has referred to Brown’s short five-day tenure in office (and apologized in advance for the heat it will soon take).

The main question in the thread is about cryptocurrency wallets, which essentially allow investors to move Bitcoin or other crypto assets in and out of Robinhood and use the currency for purchases. The Robinhood team did not give a date for the launch of this feature, but said they have recruited keys from this department and it will happen soon.


The next question is about liquidity and the assurance that there will be no sudden limits placed on orders to buy or sell cryptocurrency in the future. Robinhood responded with a relatively boilerplate description of the challenges of the 24/7 crypto market and how this contrasts with the banks’ limited hours, a guarantee that they are scaling their systems, a brag about their lack of commission fees and note that they support popular cryptocurrencies like DOGE.

WADA ends Thursday April 29. Follow the answers or ask your own question here.

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