“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for,” stated Robinhood CEOVlad Tenev
Stock and cryptocurrency trading app Robinhood is supposedly checking out a method for users to be much better safeguarded from unstable crypto rates.
According to a Tuesday Bloomberg report, the trading app is dealing with a function called “price volatility protection,” which would customize particular crypto orders depending upon changes in cost. A message in the function’s code states Robinhood “may sometimes skip your recurring orders or buy less than your chosen amount” to safeguard trades from cost volatility, however will notify users prior to taking such action and never ever acquire more than the quantity chosen.
“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for,” stated Robinhood CEOVlad Tenev “We want to introduce new features safely, and there’s a lot of items we have to get right from the start.”
Reports of the proposed feature come after Robinhood briefly suspended instant deposits for crypto purchases in January. The trading app cited “extraordinary market conditions” at the time, likely referring to retail investors from Reddit pumping Dogecoin (DOGE) — the token surged more than 900% at the time and has been volatile throughout the year, rising to an all-time high price of $0.68 in May.
Robinhood later reported 34% of its revenue from the first quarter of 2021 was directly attributable to transactions for the meme-based cryptocurrency, and claimed its business could be adversely affected “if the markets for Dogecoin deteriorate or if the price of Dogecoin declines.” According to the trading app, 17% of its overall earnings for the exact same duration was stemmed from transaction-based profits made from all crypto deals, with more than 9.5 million clients trading approximately $88 billion.
Related: Robinhood COO: We have actually made it possible for more ladies to trade crypto
In addition, regulators in the United States have actually supposedly turned their attention to the trading app. The Financial Industry Regulatory Authority revealed in June it would be punishing Robinhood approximately $70 million based upon the outcomes of an examination declaring the app had actually triggered “widespread and significant harm” to countless users and showed “systemic supervisory failures” beginning as early as September 2016. Robinhood stated it reached an agreement-in-principle with the regulative body to pay a few of the fines on a “no admit, no deny basis.”
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