Speculation has emerged that Robinhood is in possession of a large cache (over 2 billion dollars worth) of Dogecoin after the company announced that it intends to allow their clients to deposit and withdraw money in crypto, including Dogecoin.
Officially Robinhood has denied that it possesses any crypto coins or that it is using client funds to generate profit.
“Cryptocurrencies purchased and owned by our customers are held in our wallets for the benefit of our customers. Additionally, we only receive coins when our customer’s trades have already settled”, the company also said.
Citing security concerns the company, however, refuses to clarify which of the crypto wallets belong to the company and that has made people speculate whether Robinhood is entirely honest.
According to Elliptic, which is a cryptocurrency tracking research company, the owner of a major sum in Dogecoin worth 2 billion USD and representing about 28% of all Dogecoin in circulation, is almost certainly Robinhood.
Everything about Robinhood seems so suspicious lately. 