The stock trading and investing app Robinhood is reportedly testing new features, including a crypto wallet and cryptocurrency transfer. “The ability to deposit and withdraw cryptocurrencies is difficult to scale, and we want to make sure it’s done correctly and accurately.”
Robinhood for adding crypto wallet and transfer features
Investor app Robinhood is “silently” testing several new features, Bloomberg reported Monday, describing:
Robinhood Markets Inc. is testing new crypto wallet and cryptocurrency transfer features for its app.
Evidence of the new features has been released in a beta version of Robinhood’s iPhone app, the release said, adding that the proposed proposals were invented by software developer Steve Mozar.
Robinhood CEO Vlad Tenev had previously said that adding a crypto wallet was a priority for the company’s developers but did not specify when the launch would take place. He said in the company’s second-quarter earnings call:
This is something our team is working on. The ability to deposit and withdraw cryptocurrencies is difficult to scale, and we want to make sure it is done correctly and accurately.
Tenev noted that these features are especially in demand among DOGE enthusiasts.
Cryptocurrency trading at Robinhood reached record levels in the second quarter, accounting for more than half of all transaction-based revenue. Meme cryptocurrency Dogycoin in particular made up 62% of crypto trading volume in the second quarter.
The new crypto features are being tested as part of the “alpha program”, showing information in the code of the Robinhood app. The publication further states that the code also reveals the company’s plans for “additional change investments and initial deposit options for checking accounts”.
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