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UPDATE 1-Robinhood to allow customers to deposit, withdraw cryptocurrencies

·1 min read

(Adds detail on Robinhood crypto policies)

Feb 17 (Reuters) - Online broker Robinhood said on Wednesdayit intends to give customers the ability to deposit and withdrawcryptocurrencies, including the meme-based dogecoin.

The trading app popular with young investors currentlyallows customers to buy, sell and hold cryptocurrencies such asBitcoin on its platform, but users cannot withdraw their assetsto transfer to other wallets.

In January, Robinhood had temporarily disabled a feature onits app that allowed users to buy crypto securities instantlydue to volatile market conditions sparked by a trading frenzy inshares of GameStop Corp. The brokerage faced criticismfrom users who could not move their assets to other wallets.

As part of a series of tweets https://twitter.com/RobinhoodApp/status/1362143073510121472,Robinhood said on Wednesday it does not currently invest incryptocurrency or use any customer cryptocurrency for its ownbenefit.(Reporting by Uday Sampath in Bengaluru; Editing by MajuSamuel)