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Robinhood tests new cryptocurrency wallet


Sep 21, 2021
Robinhood tests new cryptocurrency wallet

New features will allow you to send and receive cryptocurrency

Robinhood Markets Inc. is testing new cryptocurrency wallet and cryptocurrency transfer features for its app, a welcome move that will make it easier for customers to send and receive digital currencies like bitcoin.

Evidence of the company’s work on such features appeared in the beta version of its iPhone app.

Users must join a waiting list to get this feature

The software includes a hidden image of a waitlist page for users who sign up for the cryptocurrency wallet feature. The app also includes code relating to cryptocurrency transfers.

With cryptocurrency wallets, consumers can use virtual currencies without having to convert them to dollars and also the wallets present customers with a single place to store all their virtual currencies, protected by a private key.

While Robinhood customers can already buy and sell popular cryptocurrencies such as bitcoin, ether and Dogecoin, this will be the first time they can manage all their cryptocurrencies through a wallet in the app.

According to the company’s CEO Vlad Tenev, adding cryptocurrencies is a priority for the company’s developers.

Shares of Robinhood jumped 2.1 percent to $41.54 a share in late trading after Bloomberg reported the test before trimming earnings. The company’s stock is up 7.1% since its initial public offering in July.

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