27 Sep Robinhood is putting new crypto wallet and cryptocurrency transfer features: Report

Robinhood, a stock trading and investing program, is believed to be looking at adding cryptocurrency wallets and transactions to its platform. “It’s tough to deposit and withdraw cryptocurrency on a massive scale, and we want to make sure it’s done properly.”

Robinhood is getting a cryptocurrency wallet and transfer feature.

App for investing Bloomberg reported Monday that Robinhood is “quietly” testing numerous new services, including:

“For its app, Robinhood Markets Inc. is testing new bitcoin wallet and cryptocurrency transfer functionality.”

The additional capabilities were spotted in a test version of Robinhood’s iPhone app, according to the newspaper, which also stated that software engineer Steve Moser uncovered the planned offers.

The addition of a crypto wallet is a priority for Robinhood’s engineers, according to CEO Vlad Tenev, who did not specify when the launch will take place. On the company’s second-quarter results call, he said:

“It’s something our teams are working on right now. The ability to deposit and withdraw cryptocurrencies on a large scale is difficult, and we want to make sure it’s done well.”

In the second quarter, cryptocurrency trading on Robinhood hit new highs, accounting for more than half of all transaction-based income. In the second quarter, the meme cryptocurrency dogecoin accounted for 62 percent of all crypto trade activity.

According to material found in the Robinhood app’s code, the new crypto capabilities are being tested as part of an “alpha program.”

The code also disclosed the company’s intentions for “spare change investment and an early-deposit option for checking accounts,” according to the magazine.

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