Robinhood confirms crypto wallet functionality on the app from October

The Robinhood trading app has opened a waiting list to test a crypto wallet that allows users to keep their tokens. According to a blog ...



The Robinhood trading app has opened a waiting list to test a crypto wallet that allows users to keep their tokens.

According to a blog post published Wednesday, in October Robinhood plans to start testing a digital wallet feature on its app that allows users to send and receive cryptocurrencies. The move could encourage more Robinhood users to use the app for crypto trading, as it currently only allows them to buy crypto with US dollars and trade on the platform – the users cannot deposit or withdraw in crypto.

Robinhood did not specify which tokens the digital wallet would support, but the app currently offers commission-free exchanges for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (SLD), Bitcoin SV (BSV), Dogecoin (DOGE) and Ethereum Classic (ETC). The company said it plans for the wallets to have security features, including identity verification, multi-factor authentication, and email and phone verification “to protect coins from hacks and other threats.” .

The trading app saw a surge in popularity earlier this year, likely due to the fact that retail investors from Reddit bought DOGE in an attempt to increase the price. Since then, Robinhood has made more options available to crypto traders, including a recurring investment feature allowing users to purchase multiple crypto assets on a daily, weekly, bi-weekly or monthly basis.

Related: Robinhood’s crypto business explodes in Q1 despite GameStop controversy

Robinhood got its start in crypto trading three years ago, with the volume of trading having grown significantly over the past year. The company generated $ 5 million in crypto trading services for all of 2020, but $ 233 million in the second quarter of 2021 – that was 41% of its $ 565 million in quarterly revenue.