Robinhood announces end of support for Bitcoin SV

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Robinhood announces end of support for Bitcoin SV

Stock trading and investment app Robinhood has announced that it will delist Bitcoin SV (BSV) on January 25. The decision came over four years after its listing on the platform.

BSV has been delisted by many exchanges, leaving only a few still offering it. These include OKX, KuCoin, and Huobi. Robinhood has yet to explain the cause of the delisting. However, its latest report to the US Securities and Exchange Commission (SEC) referred to BSV as a potential risk factor for the platform.

“Cryptocurrencies and blockchain technologies have been, and might in the future be, subject to security breaches, hacking, or other malicious activities. For example, in August 2021, hackers were able to momentarily take over the Bitcoin SV network, allowing them to spend coins they did not have and prevent transactions from completing,” Robinhood said.

“Any loss of private keys relating to, or hack or other compromise of, the hot wallets or cold wallets we use to store our customers’ cryptocurrencies could result in total loss of customers’ cryptocurrencies.”

Remaining BSV to be automatically sold after January 25

The company said any remaining BSV in users’ accounts would be automatically sold after the January 25 deadline. Other tokens on the platform will not be affected by the delisting.

“We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for Bitcoin SV (BSV) on January 25, 2023 at 6:59 PM ET. You can continue to buy, sell, transfer, and hold BSV until the deadline,” Robinhood said in a statement on Wednesday.

BSV is a modified version of Bitcoin, with SV standing for “Satoshi’s Vision,” a nod to Bitcoin’s creator(s), Satoshi Nakamoto. The blocks on Bitcoin SV are larger than other versions of Bitcoin, allowing for lower transaction fees.

Robinhood holds $9.4 billion in crypto assets. How much of it is in BSV is unclear. However, Bitcoin makes up $1.2 billion of the holdings, while Ethereum and Dogecoin make up $8.2 billion.