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Bitcoin SV Drops as Robinhood Ends Support
The online trading app tells users any BSV still in their Robinhood crypto account will be sold for market value after Jan. 25.
By Jocelyn Yang
Updated Jan 11, 2023, 9:23 p.m. Published Jan 11, 2023, 5:10 p.m.
Online trading app Robinhood (HOOD) said it will end support for BSV, the native token of the Bitcoin SV blockchain, on Jan. 25.
Users can buy, sell, send and hold BSV until the deadline, Robinhood said in a Wednesday email to customers and statement on its website. Any BSV in a Robinhood crypto account after the deadline will be sold for market value, it said.
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Robinhood’s decision was based on its regular review of cryptocurrencies offered, the email said. It didn’t specify the reason why it ended support for the token and declined to comment on the decision process for individual assets.
“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.”
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The Bitcoin Satoshi Vision (Bitcoin SV) blockchain was created in 2018 after a hard fork from the Bitcoin Cash blockchain, which in turn was a hard fork of the original Bitcoin blockchain.
BSV’s price dropped more than 15% following the announcement, falling from $44 to as low as $37. It had risen to $39 as of press time.
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