Robinhood’s Crypto Wallet Is in Beta-Testing and Soon Available
It is reported by Bloomberg that trading platform Robinhood is beta-testing their long-awaited digital wallet which will allow users to send and receive cryptocurrencies such as Bitcoin (BTC).
Bloomberg published the rumour on Monday, claiming to have seen screenshots of a withdrawal function in a beta version of the Robinhood IOS wallet feature.
Although the news outlet does not share many details, it also reports to have seen a waitlist where users will be able to sign up for the new crypto wallet. According to the report, the Robinhood App has code referring to cryptocurrency transfers.
For the time being, Robinhood users can only buy crypto with US dollars with the assets remaining on the platform. Hence, full ownership of the asset is not yet possible as the app does not support crypto deposits and withdrawals from and to private wallets.
Robinhood’s crypto business surged this year amidst the bull-market and Dogecoin craze. The company’s Q2 numbers revealed that crypto trading on the platform has dramatically grown in popularity and brings in 41% of the total revenue. Following the frantic Doge hype in the first months of the year, 62% of the crypto earnings came from Dogecoin.
In a webcast ahead of the company’s IPO, Chief Executive Officer, Vlad Tenev confirmed the company was exploring a crypto wallet among other features.
“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for. We know you want wallets.”
Robinhood was founded in 2013 and has since evolved from a mere financial services company in the stock sector into a crypto-oriented business. Crypto made up 17% of all the revenue the company accrued during Q1 of this year. The company also revealed that the latest Dogecoin mania had contributed to 34% of its transaction-based revenue, about 6% of the total revenue.
Bitcoin and Ethereum trading services were first launched in 2018 for customers in five U.S. states. Since then it has expanded its altcoin support and currently allows traders based in all but only four U.S. states to enjoy its crypto offerings.
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Author: Peter Siu