Robinhood to Cease Support for Cardano (ADA), Polygon (MATIC), and Solana (SOL)

U.S.-based digital trading app Robinhood revealed its decision to discontinue support for three major cryptocurrencies – Cardano (ADA), Polygon (MATIC), and Solana (SOL) – effective June 27, 2023. The move has left many Robinhood users and cryptocurrency enthusiasts wondering about the implications and necessary steps to be taken.

Robinhood, known for its user-friendly interface and accessibility to retail investors, regularly reviews the cryptocurrencies it offers on its platform. Following its latest evaluation, the company has made the decision to end support for ADA, MATIC, and SOL. It is important to note that this change only affects these three specific digital assets, and all other cryptocurrencies available on Robinhood remain unaffected.

Users who currently hold ADA, MATIC, and SOL on Robinhood can continue to buy, sell, and hold these coins until the specified deadline. Moreover, they are allowed to transfer these cryptocurrencies to external wallets or other crypto platforms until June 27, 2023. However, it’s worth mentioning that residents of Hawaii and Nevada are restricted from purchasing ADA, MATIC, and SOL, while residents of New York are unable to transfer these assets.

Once the deadline passes, any remaining ADA, MATIC, and SOL in users’ Robinhood Crypto accounts will be automatically sold at their market value. The proceeds from these sales will then be credited to users’ Robinhood buying power, providing an alternative investment option.

Robinhood, keen on assuaging concerns over the security of customers’ crypto holdings, has emphasized that users’ coins are safeguarded using industry-leading security measures. The majority of users’ cryptocurrency assets are stored in cold storage, which provides an added layer of protection against potential cyber threats. Additionally, Robinhood asserts that it never utilizes customers’ coins for lending or leveraging purposes.

To address user queries, Robinhood has clarified that there is no obligation to sell ADA, MATIC, and SOL holdings. Users residing in states where transfers are permitted can opt to send their coins to alternative wallets or crypto platforms of their choice. However, it is important to note that any ADA, MATIC, and SOL remaining in Robinhood accounts after the specified deadline will be automatically sold and credited to users’ Robinhood buying power.

This announcement by Robinhood highlights the ever-evolving nature of the cryptocurrency market and the need for platforms to adapt their offerings. While the discontinuation of support for ADA, MATIC, and SOL may disappoint some users, it is a reminder that investors should diversify their holdings and consider utilizing multiple platforms to meet their crypto investment needs.

As the June 27 deadline approaches, Robinhood users who are affected by this decision are encouraged to carefully consider their options and take appropriate action to safeguard their cryptocurrency assets.

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