Robinhood Testing Crypto Wallet, Cryptocurrency Transfer Features
He update will allow customers to receive and send virtual currencies like bitcoin.
Bloomberg News article reports how the company operates on these capabilities was visible in a test version of the app.
There was also a hidden image in the test version that portrays a waitlist page for clients who sign up for the new crypto wallet function. However, a Robinhood representative did not comment on the argument.
The community of retail stockholders has been waiting for a digital wallet for a long while. So the top question of the previous month on Say Technologies, a portal that allows companies to crowdsource queries coming from retail stockholders, was whether the operator was obtaining such a digital wallet soon.
The trading app operator noticed the increasing interest in virtual assets among individual stakeholders. Bloomberg News article conveys that the digital wallet will provide the customers with a single location to store their digital currencies and a private key to safeguard their wallets.
The company also said at the beginning of this month that it would initiate recurring crypto stakes. This way, consumers will be able to purchase digital assets with no commission and whenever they prefer.
The new recurring cryptocurrency investment that Robinhood recently introduced allows clients to purchase digital assets regularly.
The method is called dollar-cost averaging. This way, the individual investor does not have to invest massive amounts once and for all; instead, it is possible to invest small amounts whenever they prefer. This might be a way to level out the volatility of crypto prices, Robinhood argues.
Robinhood stated that recurring crypto investments would be available to all consumers within this month on a gradual basis except for users based in New York.
The Block claims that the brokerage software Robinhood traces the footsteps of rivals such as Coinbase and FTX.US.
Thanks to this newly available option, customers may be more encouraged to utilize the brokerage software’s platform to trade their cryptocurrencies. The transaction-based revenue of the company Robinhood was $5 million in the first quarter of this year, whereas it increased to $233 million in only one quarter! Another news that shows the success of the brokerage software has been that a higher percentage of new customers traded crypto in Q2 2021 for the first time in the company’s history.
What are your thoughts on the updates that Robinhood announced? Could you share with us in the comments section?