Customers will be able to send and receive digital currencies more easily with cryptocurrency wallets and transfer tools. This was reported on the service’s official blog by representatives.
Bloomberg reported just yesterday that Robinhood staff were covertly testing the future crypto wallet, and the platform followed up with a formal statement today. According to the company’s official blog, the changes will be released in October 2021. However, the actual figure was not given.
Users of the network will avoid having to convert digital currencies into dollars when utilizing them, thanks to cryptocurrency wallets. It’s also a terrific way to keep all of your money in one location and secure with a private key. In addition, customers will be given the option to connect two-factor authentication with mandatory confirmation when making any manipulations with the wallet as an added security feature.
At the Mainnet conference in New York, Robinhood COO Christine Brown revealed that people who submit a request on the site and are placed on the waiting list would be the first to try out the new capabilities. Unfortunately, the remainder of the users will have to wait a little longer before accessing the new features.
The company has not yet indicated which wallet will support coins. However, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Ethereum Classic, and Bitcoin SV are among the assets that Robinhood clients can trade without commission today.
Three years ago, the company began trading cryptocurrencies, and since then, its trading volume has skyrocketed. Although Robinhood earned $5 million in cryptocurrency trading services in 2020, by the second quarter of 2021, this figure had risen to $233 million, accounting for 41% of the total quarterly revenue of $565 million. At the same time, Dogecoin transactions accounted for 62 percent of the firm’s income.
Earlier this week, Robinhood announced the launch of a new feature called “periodic investments in digital currencies,” which allows clients to buy their preferred cryptocurrencies without paying a commission for quantities of $1 or more on a pre-determined schedule. By making long-term growth the foundation of the clients’ investment strategy, the organization alleviates the stress associated with computations.