Robinhood Confirms Crypto Wallet Feature Will Launch In October

Trading app Robinhood has created a waiting list for users to try out a crypto wallet where they can store their tokens.

Robinhood plans to start testing the digital wallet feature, where users can send and receive cryptocurrency, in October, according to a blog post shared Wednesday. This step can encourage more Robinhood users to use the app for crypto trading. Currently, the application only allows you to buy and sell cryptocurrencies with dollars and operate on the platform. Users cannot make deposits and withdrawals of cryptocurrencies.

Robinhood has not disclosed which tokens the digital wallet will support. The app currently offers commission-free trading for Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV), Dogecoin (DOGE), and Ethereum Classic (ETC). The company announced that the wallets are planned to include security features such as authentication, multi-factor authentication, and email and phone verification.

The merchant app has become popular in recent months, thanks to individual Reddit merchants using it to purchase DOGE. Since then, Robinhood has introduced many new options for cryptocurrency investors. One of them is the recurring investment feature that allows users to buy crypto assets on a daily, weekly, biweekly or monthly basis.

Robinhood launched its crypto trading three years ago, and its trading volume has exploded over the past year. The company generated $ 5 million in crypto trading services revenue in 2020 and $ 233 million in the second quarter of 2021.

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