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Robinhood Markets Inc. HOOD,
is rolling out a new feature that will allow users to use a crypto wallet and perform cryptocurrency transfers on its app, the company confirmed to MarketWatch.
Crypto wallets are digital storage areas where people can safely keep digital coins. Digital coins that trade on Robinhood, including BTCUSD bitcoin,
ethereum ETHUSD,
and dogecoin DOGEUSD,
may be stored in crypto wallets, according to Robinhood.
While it is already possible for Robinhood users to buy and sell cryptocurrency, this would be the first time that account holders can manage all of their crypto holdings through a wallet inside the store. ‘application. Other companies, including Coinbase Global Inc. COIN,
and Gemini Trust Co. offer crypto wallets.
“Robinhood crypto wallets will allow you to move your crypto in and out of your app with just a few clicks,” the company said. “Send your crypto to other wallet addresses and receive supported cryptocurrencies to your Robinhood account. “
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Robinhood’s crypto wallets will debut in October for some users and will be available to 100% of account holders in early 2022, a company representative told MarketWatch.
The announcement comes days after Robinhood began allowing users to set up recurring cryptocurrency purchases.
Prior to this announcement, Robinhood users were only allowed to set up automated purchases for stocks and ETFs, not cryptocurrency.
More than half of Robinhood’s $ 565 million in transaction-based revenue came from cryptocurrency trading in the last quarter. Last week, Robinhood warned any user considering purchasing cryptocurrency that “cryptocurrency markets can be volatile.”
Robinhood stock, which debuted in late July on the Nasdaq, was up 2.86% in Wednesday’s trading.
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