This Thursday, Dec. 17, 2020, photo shows the logo for the Robinhood app on a smartphone in New York.
Patrick Sison/Associated PressThe stock trading app Robinhood made headlines this year with the Gamestop meme stock fiasco, a Reddit-born scheme to punish short-sellers and make a few pranksters quite a lot of money. In a controversial move, the app temporarily paused trading during the meme stock boom and made quite a lot of Redditors unhappy.
So it seemed like a disastrous idea to send in Chief Operating Officer Christine Brown to do one of Reddit's "Ask Me Anything" sessions, especially one focused specifically on how the app handles cryptocurrency trading. But so far, perhaps thanks to some very active moderators, things have stayed relatively civil, although one prominent commenter did call out Brown's short five-day tenure in her position (and apologized in advance for the heat she'll soon take).
The top question in the thread regards cryptocurrency wallets, which basically allow investors to move Bitcoin or other crypto assets in and out of Robinhood and use the currency for purchases. The Robinhood team didn't give a date for when this feature will launch but did say they've made some key hires in this department and it would be coming soon.
The next question regards liquidity and an assurance that there won't be sudden limits placed on crypto buy or sell orders in the future. Robinhood answered with a relatively boilerplate description of the challenges of the 24/7 crypto market and how that contrasts the limited hours of banks, a guarantee that they're scaling their systems, a boast about their lack of commission fees and note that they support popular cryptocurrencies like DOGE.
The AMA runs through Thursday, April 29. Keep up with the answers or ask your own question here.
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