Robinhood plans crypto wallet

Robinhood is planning on adding a new wallet that will allow users to quickly move their tokens off the platform at their leisure.

It is also introducing new features, “interest and rewards” for its customers on an as yet undisclosed timeline.

The news surfaced during the company’s latest earnings call, during which Robinhood CEO Vlad Tenev outlined Robinhood’s performance in the past quarter and spoke the community enthusiasm which has pushed it towards the inclusion of Dogecoin and developing a dedicated wallet.

Robinhood has long mooted the implementation of a wallet, but introducing one to serve the firm’s vast consumer base is a “tricky undertaking”, Tenev explained.

He said any attempt in that direction would have to be “bulletproof” and enable consumers to use it safely and securely.

Robinhood, which started as an app enabling millennials to trade stocks without much knowledge of the stock market, has been gradually shifting towards crypto.

Robinhood has admitted that crypto is driving a significant chunk of its revenue, with Dogecoin adding another boost to the company’s bottom line.

Presently, Robinhood still restricts customers to buying and selling crypto assets on its platform, which is just a small part of what can be done at a traditional crypto exchange.

The implementation of a wallet could enable Robinhood to take on bigger competitors such as Coinbase over time.

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Source

Updated: 08/19/2021 — 15:00