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Robinhood tests crypto wallet, with new cryptocurrency transfer feature

September 20 – Bloomberg News reported on Monday that Robinhood Markets Inc (HOOD.O) is testing new crypto wallet and cryptocurrency transfer features for its app, which would allow clients to send and receive digital currencies like bitcoin.

credits- the crypto times

According to the article, the company’s work on such capabilities was seen in a test version of its iPhone app.

There was also a concealed image depicting a waitlist page for users signing up for a crypto wallet function. When asked, the representative for Robinhood refused to respond.

Retail investors have been waiting for a crypto wallet for a long time. The top query on Say,  a day before the brokerage announced its first quarterly results last month, site that allows corporations to crowdsource queries from individual investors was if the brokerage was obtaining such a wallet.

The operator of a trading app has staked a significant amount of money on the growing interest in digital currencies among individual investors. According to Bloomberg, the wallet will give a single location for customers to store their crypto, which will have a private key to safeguard it.

There have been no more updates on the crypto wallet test.

The company said earlier this month that it would launch crypto recurring investments. This will allow consumers to buy digital currency commission-free and on a timetable of their choosing.

The new recurrent crypto account

Robinhood has introduced a new recurrent crypto investment function that allows customers to buy coins on a regular basis.

Dollar-cost averaging is a method that involves investing small amounts on a regular basis rather than huge sums all at once. According to Robinhood (NASDAQ: HOOD), this can help to level out price volatility.

It added that crypto recurring investments will be gradually offered to all consumers this month; however, the function will not be available to customers in New York.

According to The Block, the brokerage software follows in the footsteps of competitors such as FTX.US and Coinbase, which offer comparable functionality.

The option may encourage more people to utilise Robinhood’s (HOOD) platform for crypto trading. The company’s transaction-based revenue from cryptocurrency increased to $233 million in Q2 2021, up from $5 million the previous quarter. Furthermore, it was the first quarter in which a higher percentage of new users traded crypto. Rather than equities for the first time.

 

 

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