Stock and crypto trading app Robinhood has reportedly re-enabled instant deposits for cryptocurrency purchases after almost a week.
Robinhood has removed the original update on its support page suspending instant deposits, and its website currently shows certain users once again have “instant access” to up to $1,000 to buy crypto. Many of the app’s users also reported on social media they were able to access the trading feature last night.
The “instant buying” function is a paid feature that gives Robinhood customers instant access to funds from bank deposits and stock trades. Though users were still able to buy crypto using previously deposited funds, those deposits can take up to five business days to clear — when it comes to dealing with cryptocurrencies, this can mean missing out on volatile trading periods.
As small-time traders once again have access to this Robinhood feature, the price of meme-based cryptocurrency Dogecoin (DOGE) has risen more than 50% in the last 24 hours to reach $0.0475 at the time of publication. The token likely received an additional pump after billionaire Elon Musk name dropped DOGE in a series of tweets early this morning.
Elon has gone full doge pic.twitter.com/urQ6Q0R2tz
— Dan Held (@danheld) February 4, 2021
Robinhood is still under scrutiny after the investment app suspended buys of GameStop stock and others pushed by retail investors from the r/Wallstreetbets subreddit last week.
The company has since reportedly put its plans for an initial public offering on hold. In addition, lawmakers with the U.S. House of Representatives Financial Services Committee will hold a hearing related to the GameStop trades on Feb. 18, with Robinhood CEO Vlad Tenev expected to testify.
Robinhood reportedly allowing instant deposits for crypto purchases again as DOGE surges