Robinhood Starts Testing New Crypto Wallets As Demand Increases

Robinhood starts testing new crypto wallets as the demand for them continues to rise, with users asking for more functionality so let’s read more today in our latest crypto news.

The trading portal is now getting closer to launching a long-awaited app that will enable the growing user base to send and receive cryptocurrencies. The beta version of the Robinhood iPhone app showed the company’s latest upgrade on the new features as per Bloomberg and there’s also another hidden image that shows a waiting list for the users that are eager to get their hands on the app and to code referring to crypto transfers.

The Robinhood users can buy and sell crypto on the platform but they have to convert them to and from USD so with a native app, the users will have to send crypto assets to each other and set up two-factor authentication for bigger security. Robinhood chief Executive officer Vlad Tenev said that crypto wallets are a priority for the company’s developers and they are working on more options. He said:

“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

He didn’t specify a launch date but the app leak suggested that this date is not too far away. The users of the new functions will have to activate crypto sending and receiving and the new registration page will require an identity check as well. The reports also show that Robinhood launched incentives to promote long-term crypto investing and the zero-fee recurring purchase feature enabled users to schedule digital asset purchases with low buys. This will encourage customers to build their crypto portfolios over time and to become a whole coiner as Robinhood noted. Crypto trading was one of the biggest drivers of revenue for Robinhood as DOGE was teh biggest jewel with 62% of its $233 million coming in from DOGE trading for the app.

Robinhood starts testing new options, as well as crypto-trading, was one of the biggest drivers for revenue for the company this year. It added that more than half of the transaction-based revenue on the platform came from crypto trading and the firm did warn that Q3 will not be as prosperous due to seasonal headwinds and low trading activity across the industry. Robinhood share prices dropped 43% since their ATH of $70 back in August and they are now trading down 1.68% since the opening on Monday with $40.70 as per Yahoo Finance.