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The Robinhood retail platform is said to test a long-awaited digital wallet feature that allows users to send and receive crypto assets such as Bitcoin (BTC).
Bloomberg reported the rumor on September 21, with the post claiming to have seen screenshots of an opt-out interface in a beta of the wallet feature in Robinhood’s iOS app.
While details are scarce, Bloomberg also claims to have seen a waiting list where users can sign up for the new digital asset portfolio. “The app also contains a code referring to cryptocurrency transfers,” the report adds.
Robinhood users can currently only buy crypto with US dollars and trade digital assets on the platform, as the app does not support crypto deposits and withdrawals.
Robinhood crypto traders have long harassed the company to introduce deposit and withdrawal features for digital assets, with calls increasing this year as fiery-eyed Dogecoin fanatics converged on the platform.
On an August 19 quarterly earnings conference call, Robinhood CEO Vlad Tenev announced that the company is finally considering introducing a crypto wallet.
“I know there has been a ton of enthusiasm from the crypto community and the Dogecoin community in particular to access wallets,” Tenev said, highlighting the company’s enthusiasm for launching the new one. functionality.
Robinhood first launched Bitcoin and Ethereum trading services in 2018 for clients in five US states. Robinhood has since expanded its altcoin support and currently allows traders based in all but four of the US states to access its crypto features.
Crypto services became a major part of Robinhood’s revenue in 2021, with its second quarter report showing that around 41% of its $ 565 million revenue came from crypto trading. In contrast, the company made $ 5 million through crypto trading for all of 2020.
Earlier this month, the company expanded its crypto offerings by launching a recurring crypto investing feature that allows users to convert Average Dollar Cost (DCA) into crypto positions.
Related: PayPal reportedly looking to take on Robinhood with stock trading
Robinhood isn’t alone in looking to expand its crypto support, with a growing number of mainstream companies announcing measures to enable payments for digital assets.
Cointelegraph reported on September 16 that AMC Entertainment plans to accept payments for movie tickets in Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) by 2022. The company has already announced its intention to take support Bitcoin payments in August.
On September 15, the software giant Adobe also announced that merchants using its Adobe Commerce product will be able to accept cryptocurrency payments through Paypal starting in the fourth quarter of this year.
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