Robinhood to support Cardano transfers

On September 1, 2022, well-known brokerage firm Robinhood revealed plans to enable transfers of the token on its platform after listing Cardano (ADA). Robinhood responded to questions from community members on Twitter, asking when the platform will allow users to send and receive ADA.
Robinhood said that although the feature is not currently available, they plan to make adjustments to allow ADA transfers. The brokerage is working to add support for more cryptocurrencies to its platform. Recently, Robinhood has supported Solana (SOL), Compound (COMP), and Polygon (POL).
The platform is known for offering zero-fee trading. This means that Robinhood does not charge any fees for transferring cryptocurrencies from its platform. Users still need to pay gas fees and other on-chain transaction fees.
Around September last year, Robinhood launched a pilot test for Bitcoin transfers. The company did not adopt the feature until July 2022. This highlights the potential delays in the brokerage’s promise to allow ADA transfers. Currently, there are no signs of testing for ADA transfers, which means users may have to wait longer for these promises to be realized.
Robinhood’s KYC Policy
Robinhood employs a strict KYC verification process to comply with regulatory requirements. The platform requires users to provide a photo of their government-issued ID or driver's license. Failure to provide this information means that users will not be able to move their funds out. Likewise, there is a daily transfer limit of $5,000 per user's account. All of these regulations are part of Robinhood's effort to avoid problems with regulators.
The fight against the cryptocurrency crisis
Robinhood came to prominence during the COVID-19 pandemic. The platform attracted a large number of new investors due to its relaxed stance on platform fees. During that time, the company registered a lot of new accounts on its platform. This new user base contributed significantly to the company's market value. 2022 was a difficult year for Robinhood, as the company struggled with the harsh consequences of the bear market. As a result, it had to lay off employees.
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