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Robinhood Working on Enabling Cardano (ADA) Transfers


u.today 09 September 2022 18:50, UTC
Reading time: ~2 m

Leading brokerage firm Robinhood says that it is working on enabling transfers for Cardano (ADA).

As reported by U.Today, Robinhood listed the ADA token on Sept. 1.

Prior to that, the zero-fee brokerage service also added support for Solana (SOL), Compound (COMP), Polygon (POL), and several other cryptocurrencies.

Robinhood launched Bitcoin transfers for all users in early July after originally starting testing the feature last September. Users are able to move their coins in and out of the platform.  

The company doesn’t charge an additional commission for transferring crypto out of its platform. However, users are still required to pay network fees.  

Robinhood users are required to go through the process of identity verification by providing a photo of a government-issued ID or a driver’s license in order to be able to move their coins.

The company has set a $5,000 daily cap on outbound transfers.

As of now, Robinhood allows receiving all of the coins that are currently available on the platform (save for the recently listed ADA token).

As reported by U.Today, the trading platform started offering deposits and withdrawals for the MATIC token on the Polygon network, thus substantially lowering fees.

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