Robinhood Announces it is Planning to Support Cardano Transfers

The Robinhood exchange has been working on growing the number of digital assets users can access on the platform. Robinhood, which is one of the leading brokerage companies globally, has said that it will be supporting Cardano (ADA) transfers.

Robinhood to support Cardano transfers

Robinhood announced listing the ADA token on September 1. Before the listing, the exchange also announced support for other cryptocurrencies, including Solana, Compound, Polygon, and other assets.

The Robinhood exchange announced the launch of Bitcoin transfers for its users in early July. This came after the exchange initially tested the feature in September last year. The move aimed to make it easier for users to transact Bitcoin transfers on the platform.

The Robinhood exchange does not charge an additional commission when users transfer cryptocurrencies out of the platform, making it one of the most preferred exchanges by day traders and retail traders.

While Robinhood gives a zero-commission service on crypto transfers out of the exchange, users are still required to pay the transaction fees charged by the network facilitating the transfers.

Robinhood also has a strict Know-Your-Customer (KYC) policy. Users who want to move their coins from the exchange must go through the user identification process. This is done by the users providing an identification document such as a government-issued ID card or a driver’s license that will be used to verify their identity.

Robinhood has also set a $5000 daily cap on external transfers. Robinhood allows users to receive all the coins supported on the platform, apart from the recently listed ADA. Recently, Robinhood unveiled support for deposits and withdrawals of MATIC tokens on the Polygon network, which considerably lowered the fees. Polygon is a layer two network built on the Ethereum blockchain.

Cardano Vasil hard fork upgrade

The listing of ADA on the Robinhood exchange is not the only piece of good news in the Cardano ecosystem. The Cardano network recently confirmed the hard date for the Vasil upgrade, which the Cardano community has eagerly awaited because it promises scalability.

Cardano introduced smart contracts on its network in September last year with the Alonzo hard fork upgrade. Last week, developers at Input Output Global announced that the Vasil hard fork would happen on September 22, after the Ethereum Merge.

The founder of the Cardano network, Charles Hoskinson, commented on the upgrade, saying that it would be the most significant update on Cardano due to its promise of increasing the network capacity.

The Vasil upgrade is expected to boost the competitiveness of the Cardano network against the Ethereum blockchain. With this upgrade, it is expected that the developer experience will increase significantly, making it easier for engineers to create decentralized applications (DApps) on the Cardano blockchain.

IOG also shared that Vasil will bring improvements to Plutus and allow developers to create more powerful and efficient DApps.

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