Robinhood to begin testing crypto wallets in October
Online broker Robinhood has announced that starting next month, the first customers will begin testing crypto wallets on Robinhood.
Crypto trading has become fairly important for Robinhood, with cryptocurrency trading revenue increasing to $233 million in the second quarter of 2021 – 41% of total revenue – compared to $5 million in the second quarter of 2020.
Robinhood said that it will share these clients’ experience and feedback regularly so that the public can follow along and get an under-the-hood look into what it is building. After that, it plans to continue to roll out access to more and more customers through a waitlist.
Robinhood crypto wallets will allow users to move crypto in and out of their app in a few taps: send crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. This means users can consolidate their coins into one account so it’s easier to track a portfolio, move supported coins into a Robinhood account so you can trade those coins commission-free, and more.
The company said that its will make crypto transfers safe, secure, and simple – whether you’re a long-time crypto trader, or one of the millions of people transacting on-chain for the first time. Robinhood added that it is designing wallets to be intuitive, with security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats.
Robinhood announced the launch of crypto recurring investments a couple of weeks ago; as of today, it’s available to all crypto customers. Now you can automatically buy your favorite coins, commission-free, and with as little as $1 on a schedule of your choice. The company noted that it knows that the crypto markets can be volatile, so this feature was introduced to help you focus on long-term growth, reduce risk, and lower the stress of timing the markets. With other platforms charging as much as 4% on each trade, this kind of practical investing strategy isn’t practical anywhere but Robinhood.
Robinhood concluded by saying that it is excited to make crypto more accessible by making investing simpler, more straightforward, and low cost –– just as it has done for equities. When the company launched Robinhood Crypto three years ago, it expanded investment access to more and more of our customers. The world of Crypto may seem mysterious, complicated and unwelcoming, but it was born out of a mission to return power to the people, which aligns perfectly with Robinhood’s mission to democratize finance for all.