Robinhood, a fast-rising trading app is testing new cryptocurrency wallet functionality and cryptocurrency transfer capabilities in its app, a move that has been expected for some time and will simplify the process of sending and receiving digital currency like bitcoin.
One of the company’s iPhone apps has shown evidence that the company is developing such functions. It displays a hidden screenshot depicting a crypto wallet waiting list page when users sign up for it. A crypto transfer code is also included in the app.
Virtual currencies can be used with crypto wallets without having to be converted to dollars. Customers can also store all of their virtual currencies in one place, which is protected by a private key.
The company’s share price has risen 7.1% since its IPO in July.
Buying and selling Bitcoin, Ethereum, and Dogecoin is already possible for Robinhood customers, but this would be the first time they could administer their entire crypto portfolio in the app. Several other companies already offer their own crypto wallets, including Coinbase Global Inc. and Gemini Trust Co.
Creating crypto wallets has been a top priority for Robinhood’s developers, according to CEO Vlad Tenev.
A company representative said the feature is on the company’s development list after announcing the company’s second-quarter earnings. He noted that Dogecoin fans are especially interested in the feature. We want to ensure that crypto assets can be deposited and withdrawn correctly and properly, since a large scale is involved.
The launch date wasn’t disclosed, but test results and support indicate that a launch may be imminent. Robinhood spokeswoman Lavinia Chirico declined to comment.
To use this feature, Robinhood customers will also be able to set up two-factor authentication.
Robinhood’s growth was fueled by virtual currency trading, which accounted for about 41% of its net revenue in the most recently reported quarter. The company generated approximately $233 million in revenue from crypto transactions alone, 62% of which were Dogecoin transactions, illustrating how important digital currency trading is to the company.