After the launch of services for the purchase and sale of cryptocurrencies, Robinhood is going to launch a cryptocurrency wallet that will allow users to send or receive digital currencies directly from the investment platform.
Robinhood Markets on Wednesday revealed its intention to begin testing its crypto wallet in October 2021, while a larger launch is slated for early 2022. Thanks to this, clients of the trading platform will finally be able to withdraw and deposit assets in supported cryptocurrencies .
Robinhood allows users to buy, sell, and hold specific cryptocurrencies, including Bitcoin and Dogecoin. In the last quarter, activity in the Robinhood cryptocurrency segment surpassed stock performance for the first time.
Robinhood users have long asked the company to add cryptocurrency wallet functionality so that they can use their assets in off-platform transactions, such as buying NFTs .
“This is a natural step for us when we think about expanding access to finance so that more people in different conditions can join this emerging market. The wallet is a key element of this plan , ”said Aparna Chennapragada, Product Director for Robinhood.
Now the company intends to survey clients trading in cryptocurrencies and select a small group to participate in testing. About 60% of the 21.3 million active users of the platform carry out transactions with digital assets.