July 16, 2024

Delisting

Robinhood Delisting Bitcoin SV, Selling Remaining User Balance

Robinhood, a stock trading software, said on Wednesday in a press release that it would shortly discontinue supporting BSV (Bitcoin SV), with intentions to blacklist the token later this month. According to a business update, Robinhood customers will no longer be able to purchase, trade, or move Bitcoin SV after January 25. After that, any leftover BSV in client accounts will be immediately sold and users credited proportionately.

The company believes they have a rigorous system to assist them in periodically analyzing the coins they provide on Robinhood. They do not disclose the process for particular assets; however they made it known that they have discontinued assistance for Bitcoin SV based on the most recent review. The delisting will only affect BSV, according to Robinhood. Through Crypto service, the site supports trading on nineteen tokens, including Bitcoin Cash.

On Wednesday, the value of BSV plummeted precipitously. According to CoinGecko data, the price has dropped 11% in the previous day to $39.11. The price had dropped 92% from a record-breaking value of $489.75 in 2021 April. After involving Bitcoin Cash, the token was first introduced to Robinhood’s platform in 2018 November. A hard fork effectively created two cryptocurrencies from one when adjustments made to a coin via software updates rendered it incompatible with earlier versions, leading to two different branches.

Bitcoin SV, or “Satoshi’s Vision,” differs from other Bitcoin variants, including Bitcoin Cash, due to its greater block size, which results in lower transaction costs. BSV is presently ranked 54th in market valuation among all cryptocurrencies, with a combined worth of $745 million. It has a much lower market capitalization than Bitcoin Cash, which has millions in the order of $335 and $2 billion. The coin is only accessible on a few exchanges, including KuCoin, Huobi and OKX. Many platforms have delisted the coin over time, notably San Francisco-based OKCoin, which stopped supporting BSV in February 2021.

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