Robinhood Is Working on a Crypto Wallet Feature

After years of allowing buying and selling of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, Robinhood is now set to launch a crypto wallet that will enable users to directly send or receive digital currencies from the investment platform.

As reported by Bloomberg on Monday, a beta version of the Robinhood iPhone app showed the crypto wallet features. It includes a hidden image of a waitlist page for users signing up for the new upcoming feature, along with code for crypto transfers.

However, Robinhood did not respond to any of the claims of the report.

Rising Crypto Demand

The commission-free app is already facilitating the purchasing and selling of some of the top cryptocurrencies, which are in high demand. It is one of the few American platforms that had allowed the purchase of Dogecoin with the US dollar for a long time before other popular platforms started to add similar support.

Robinhood’s foray into launching the crypto wallet did not come as a surprise as CEO Vlad Tenev had already revealed the company’s plans to add such a feature to the mobile app. “It’s something that our teams are working on,” he said on the company’s second-quarter earnings call.

In addition, he revealed that demand for such a wallet is mostly coming from the Dogecoin community.

However, Tenev did not specify any timeline for introducing the new feature, citing its complexity. “The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly,” he added.

Moreover, crypto services of the publicly listed platform turned out to be a key business generator. Cryptocurrency trading brought in $233 million in revenue for the broker in Q2 alone, which is more than half of the transaction-based revenue.

Furthermore, the rise in crypto demand forced the company to focus on its services in the area. Earlier this month, it launched a recurring crypto investment feature.