In a lengthy post on Twitter, the online trading company Robinhood addressed the backlash from Dogecoin fans over their nearly 29% control of all Dogecoin in circulation. The Dogecoin wallet issue was recently brought to light by Elon Musk when he tweeted.
Finally on Wednesday Robinhood addressed the issue.
So much interest in Crypto! To be crystal clear ?, we fully intend to provide the ability to deposit and withdraw cryptocurrencies, including DOGE. Robinhood Crypto does NOT currently invest in cryptocurrency or use any customer cryptocurrency for our own benefit.— Robinhood (@RobinhoodApp) February 17, 2021
Cryptocurrencies purchased and owned by our customers are held and custodied in our wallets for the benefit of our customers. Additionally we only receive coins when our customer’s trades have already settled.— Robinhood (@RobinhoodApp) February 17, 2021
We understand that the community wants more insight into which addresses belong to us and how we operate our wallets.— Robinhood (@RobinhoodApp) February 17, 2021
We are not alone. Just like other crypto platforms, for operational security reasons and to protect customer privacy, we will not confirm which addresses do or do not belong to us.— Robinhood (@RobinhoodApp) February 17, 2021
As a major crypto platform, our actions need to be systematic, objective, and derived from first principles. We’re working on the ability to deposit and withdraw all cryptos. We’ll keep you updated as we progress.— Robinhood (@RobinhoodApp) February 17, 2021
The big criticism of Robinhood is that people who purchase Dogecoin on their platform really don’t own it, due to how their wallet structure is configured.
Robinhood looks to be trying to address the issue. We will keep you posted on more on this story develops.