Robinhood Testing New Cryptocurrency Wallet as Demand Rises

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According to reports from Bloomberg, Robinhood is testing a new cryptocurrency wallet and crypto transfer features for its App.

This move will help Robinhood customers to transact with digital currencies like Bitcoin without converting them to dollars. Also, they will use the wallet to store all digital currencies using private keys for security.

The proof of the new features of this forthcoming wallet has appeared in a beta version of Robinhood’s iPhone app. The software has a hidden image showing a waitlist page for users who wish to use the wallet. In addition, the image has codes that refer to the crypto transfers. According to reliable reports, Steve Moser, a software developer, made the discoveries of this new feature.

Robinhood shares increased by 2.1% after the news about the release of the new wallet. Also, their stock jumped by 7.1% after they released the wallet to the public for the first time in July.

So far, Robinhood customers can buy and sell top cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. However, with this new wallet, they can manage all their cryptocurrencies in the Robinhood application. By taking this step, Robinhood will be catching up with other companies like CoinBase and Gemini, which are already operating their wallets.

The CEO of Robinhood states that adding the crypto wallet is a top priority for the developers right now, but he did not give the launch dates. By creating its wallet, the company aims to ensure that its users deposit and withdraw cryptocurrencies in the proper manner. He further stated that this feature is in great demand among Dogecoin investors.

Robinhood Growth in the Recent Past

In other news, Robinhood reported that more than 60% of their accounts traded crypto, a move that has resulted in rapid growth in the recent past. During that period, they managed to make around 41% of their net revenue.

This boost from Dogecoin transactions emphasized the role of digital currency in the company. The company attracted more users through cash give-away content in August.

The Testing of New App Features

The new options of the Robinhood App are being tested as part of an alpha program, using the information on the code.

To access the new features, users are required to take an identity check test. On completion, they will receive a message stating that they can now send and receive digital currencies.

The code hidden in the beta version acted as a sign that there are more features to come. According to reports from Bloomberg, the company was working to streamline issues concerning price volatility protection and recurring purchases. And true to their word, the company launched the two features last week.

The zero fees recurring purchase feature allows users to schedule purchases with buys as low as a dollar. With these features, users will be able to build their accounts over time without spending a lot.

Further news from the publication stated that the code also reveals the intentions of Robinhood to spare change investing and provide an early deposit option.