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The long-awaited functionality of cryptocurrency wallets and transfers on Robinhood Markets Inc (NASDAQ: HOOD) could be coming soon.
What happened: Robinhood is testing crypto wallets and crypto transfers on its app, according to Bloomberg.
The new feature would allow users to send and receive cryptocurrencies supported on the app like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
A beta version of the Robinhood app on Apple Inc (NASDAQ: AAPL) iPhones display a waitlist page to sign up for a company’s crypto wallet feature. Bloomberg also reports that a code referencing the cryptocurrency transfers was found in the app.
Robinhood also teased crypto wallets on Twitter on Monday, asking users “What product feature would you like to see and why wallets?” The post was retweeted by Vlad tenev with a gif of John Travolta looking around inside a wallet.
https://t.co/zz0zo2dzLa pic.twitter.com/pVUAx7y23I
– VLAD (@vladtenev) September 20, 2021
Related Link: Robinhood Markets Says Working On Crypto Wallets, But Doing It On A Large Scale Is Difficult
Why this is important: Many cryptocurrency fans called out Robinhood for not offering wallets and used the phrase “Not your keys, not your coins”.
Robinhood had discussed adding wallets earlier this year, but was also cautious about explaining that they wanted to do it right.
Integrating crypto wallets on Robinhood would allow users to use cryptocurrencies without having to convert them to dollars.
Robinhood’s decision could also put pressure on Coinbase Global Inc (NASDAQ: COIN), which likely benefited from the dissatisfaction with Robinhood’s existing crypto policies and limited offerings.
Price action: HOOD shares were down 4% to $ 40.70 on Monday and saw a slight jump from Bloomberg’s report in after-hours trading.
Photo: Courtesy of Robinhood.
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