Stock and crypto trading app Robinhood has reportedly re-enabled direct deposits for cryptocurrency purchases after nearly a week.
Robinhood has removed the original update from its support page suspend direct deposits, and its website currently shows certain users again have “instant access” to $ 1,000 to buy crypto. Many of the users of the app do too reported on social media they had access to the trading feature last night.
The Instant Buy feature is a paid feature that gives Robinhood customers instant access to money from bank deposits and stock trading. While users were still able to purchase cryptocurrency with previously deposited funds, it can take up to five business days for these deposits to clear – when it comes to dealing with cryptocurrencies, it can mean missing out on volatile trading periods.
As small traders have done again access to this Robinhood feature, the price of meme-based cryptocurrency Dogecoin (DOGE) is up more than 50% in the last 24 hours to $ 0.0475 at the time of publication. The token likely received an additional pump after billionaire Elon Musk’s name dropped DOGE in a series of tweets early this morning.
Elon has become a complete doge pic.twitter.com/urQ6Q0R2tz
– Dan Held (@danheld) February 4, 2021
Robinhood is still under investigation after the investment app suspended purchases of GameStop stock and others pushed last week by private investors from the r / Wallstreetbets subreddit.
The company has since reportedly been plans for an IPO on hold. In addition, lawmakers from the Financial Services Committee of the United States House of Representatives will hold a hearing on the GameStop transactions on February 18, with Robinhood CEO Vlad Tenev expect to testify.