Robinhood will test cryptocurrency wallets and is expected to launch in 2022
The cryptocurrency platform Robinhood said on Wednesday (22) that it plans to start testing its cryptocurrency wallets starting next month. According to the company, the expectation is to launch the “wallets” early next year.
“We are excited to share that, starting next month, the first customers will begin testing crypto wallets at Robinhood,” the company said in a statement.
According to the announcement, the company will share user experience and feedback on its blog and Twitter regularly.
Currently, they service only allows people to buy and sell assets. In other words, until now, digital coins cannot be sent to outside the platform.
However, as Robinhood has pointed out, with portfolios, investors will be able to move their cryptoactives with just a few taps.
In addition, it will be possible to send digital coins to other wallet addresses and receive cryptocurrencies supported by Robinhood.
“This means you can consolidate your currencies into one account so it’s easier to track your portfolio, move supported currencies into your Robinhood account so you can trade those currencies without commissions, and much more,” they said.
- Binance.US CEO resigns after three months on the exchange
- Binance plans US IPO soon, CEO reveals
- Binance announces that they will no longer sell stock tokens
The company also said it is making cryptocurrency transfers safer, more secure and simpler.
The wallets, according to Robinhood, will be intuitive and will have several security features. This includes identity verification, multi-factor authentication, and email and phone verification to keep digital assets safe from hacks and other threats.
“This is the natural next step for us when we think about democratizing finance for everyone,” said Aparna Chennapragada, vice president of product at Robinhood.
While they are known for trading stocks, Robinhood has seen her cryptocurrency business grow considerably.
Digital assets accounted for more than half of its transaction revenue in the last quarter. Dogecoin alone accounts for 26% of total revenue.