Cryptocurrency: Robinhood to debut its own crypto wallets
Robinhood is adding more features and services as cryptocurrency is growing fast and becoming a big part of the business. The company revealed that it would be launching a feature that will allow traders to monitor their digital tokens by giving them more control.
The company is testing crypto wallets that it will eventually introduce to users of its platform. This move is said to be part of Robinhood’s expansion in the cryptocurrency scene.
The testing is ongoing and will be available for select Robinhood clients starting next month. The firm said that it would be sharing with the public about the select clients’ experience and feedback on the crypto wallets so everyone will get to know what they are building.
Once the testing is done, it will roll out access to more customers who will sign up on their waitlist. Those who will be included will be one of the firsts to gain access.
“We’re excited to make crypto more accessible by making investing simpler, more straightforward, and low cost - just as we’ve done for equities,” Robinhood stated in a blog post. “When we launched Robinhood Crypto three years ago, we expanded investment access to more and more of our customers. At Robinhood, we’re working to make the world of crypto easier to understand by giving you the right tools so you can participate at your own pace.”
At any rate, CNBC noted that Robinhood’s crypto venture has been growing, and although the company only debuted its cryptocurrency trading three years ago, it has become one of the company’s most essential businesses in a short time.
With the new crypto wallets, clients will be able to consolidate their digital coins, trade, send and receive cryptocurrencies to and from other wallets. The beta version of Robinhood’s new cryptocurrency wallets will run on the trading firm’s app and continue to develop the feature from there.
Meanwhile, the New York Post reported that Robinhood’s shares shot up more than six percent on the morning of Wednesday, Sept. 22, just after the news of its crypto wallets launch made it to the headlines. This shows that many are already looking forward to this feature that will surely enhance the company’s trading services.