Robinhood to soon begin testing crypto wallets, before full launch in 2022
- ByStartupStory | September 25, 2021
Robinhood, the popular trading app, plans to introduce a digital wallet for crypto assets. A waitlist to test the new feature has now been opened. Robinhood is testing “crypto wallets” with select clients next month to allow investors to send, receive and move cryptocurrencies in and out of the Robinhood app. Once the wallet is implemented, users will be able to withdraw cryptocurrencies purchased from Robinhood to an external wallet and likewise deposit money from an external wallet into Robinhood’s wallet. The company will initially roll out the beta version of the app in October and release a broader version in early 2022.
The company said that the crypto wallet is easy to use while sporting enhanced security features for safe transactions. Those digital coins can be tracked in one centralized location and traded on Robinhood’s existing commission-free crypto exchange. The initial rollout will support more established coins including Bitcoin, Ethereum, and Dogecoin. Security features include multi-factor authentication, and email/phone verification to keep the coins free from threats.
“At Robinhood, we’re designing wallets to be intuitive, with security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats,” the company explained.
However, the wallet won’t allow users to buy stocks using cryptos such as Bitcoin directly as payment. However, they can sell their crypto for another fiat currency and use it to buy stocks.
Robinhood has been rolling out an array of new services and features in recent days. On September 13, the company launched a feature to allow users to make recurring investments in their favourite cryptocurrencies — totally free of commission with as little as $1 on a schedule of their choice.
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