In a recent announcement, Robinhood said they are going to launch cryptocurrency wallets. The crypto exchange already has over 1.6 million users who have signed up for the wallets. This is great for Robinhood as the launch is really soon in mid-January. This will be beta-phase, and the rollout of the wallet will happen systematically in groups of people. Once things look good, we can expect that a wider audience will receive the update.
Robinhood’s crypto wallets
The company first announced its wallets feature back in September 2021. The wallet would allow users to trade, send and receive cryptocurrencies via the Robinhood app. This feature can help bring a lot of users to the platform, which will help in the company’s revenue. They already have been seeing a decline due to the lowering trading volume of meme coin Doge. It has been one of the primary contributors to their crypto trading volume, so Robinhood hasn’t been doing very well over the past couple of quarters.
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Robinhood has already got its crypto wallet tested via the testing of customers who were on the waitlist. After the testing, they gave the feedback that a better explanation of terms like network fees and transaction id is required. To this, Robinhood said that they will bring more crypto articles and 24/7 phone support.
Security
Robinhood has time and again said that they are more inclined towards a regulatory and secure approach. And this can be seen in the crypto wallets. The company will include multi-factor authentication when you transfer crypto to make sure that it is the user who has initiated the transaction. The company understands that users are still new to crypto and a lot of them aren’t still accustomed to the ways of blockchain. And therefore, the company is trying to make it safe and easy to deal with crypto via their platform.
As Robinhood is going to launch cryptocurrency wallets, we can expect a growth in its revenue. This will also make sure that they don’t completely lag behind the competition. What are your thoughts on the same? And are you interested in checking on the crypto wallets? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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