- Robinhood on Wednesday said it has stopped accepting Bitcoin SV.
- It has also said that it will delist the cryptocurrency starting January 25.
- Any Bitcoin SV in customers’ accounts after January 25 will be automatically sold.
Online trading app Robinhood on Wednesday said through a statement on its website that it has stopped accepting Bitcoin SV (BSV) deposits as it prepares to delist the cryptocurrency on January 25.
Between now and January 25, users hold and sell BSV but after the deadline, the platform will not support Bitcoin SV trades, purchases, or transfers. Additionally, any BSV held in users’ accounts will be sold at market value and the proceeds will be given to the respective users.
Regular review of supported cryptocurrencies
While making the announcement, Robinhood said the move has been arrived at based on its regular review of the cryptocurrencies that it offers. It, however, never gave a specific reason for dropping the cryptocurrency.
The company’s statement read:
“We have a rigorous framework in place to help us regularly review the crypto we offer on Robinhood,” a spokesperson told CoinDesk in a statement. “We are extremely selective about the assets we offer as we build toward our goal of making Robinhood Crypto the most trusted, lowest cost, and easiest to use on-ramp to crypto.”
What is Bitcoin SV (BSV)?
BSV is the native token of the Bitcoin Satoshi Vision (Bitcoin SV) blockchain which was launched in 2018 following a hard fork from the Bitcoin Cash blockchain. Bitcoin Cash is itself a hard fork of the original Bitcoin blockchain.
The BSV was added to Robinhood almost immediately after the hard fork from Bitcoin Cash.
Following the announcement, the price of BSV dropped from a high of $44.41 to as low as $37 although it had slightly retraced upwards to trade at $40.73 at press time.