Robinhood reintroduces its instant deposit for crypto purchases feature

Robinhood reportedly reintroduced its instant deposit feature for crypto purchases amid Dogecoin (DOGE) surge after the feature was suspended on 29 January

Stock and cryptocurrency trading app Robinhood has reportedly re-enabled their instant deposit feature for cryptocurrency purchases after almost a week of it being suspended.

Robinhood has now removed the original update on its support page that states that they suspended instant deposits, and its website currently openly shows certain users once again have the “instant access” to buy up to $1,000 worth of crypto. Many of the app’s users also reported they were able to access the trading feature late Thursday. Their reports were seen on various social media platforms.

The aforementioned “instant buying” function is a paid feature that gives Robinhood users instant access to funds from their bank deposits and stock trades. While users were still able to buy cryptocurrency using previously deposited funds, some deposits can take up to five business days to clear, and this can mean losing out on large amounts of profit when it comes to dealing with volatile cryptocurrencies.

As small-time traders have access to this important Robinhood feature once again, the price of the notorious meme-based cryptocurrency Dogecoin (DOGE) has risen over 50% in the last 24 hours to ultimately reach $0.06 before crashing down. The token received an additional influx of bulls after CEO of Tesla and SpaceX, Elon Musk, name-dropped DOGE in numerous tweets earlier yesterday.

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 Corp (NYSE: GME) stock and a few other stocks pushed by a horde of retail investors from the r/Wallstreetbets subreddit last week.

This had such an effect on Robinhood, that the company had to delay its plans of going public. In addition to that, US House of Representatives Financial Services Committee lawmakers will hold a hearing regarding the GameStop situation, with the CEO of Robinhood Vlad Tenev being one of the main witnesses.