Robinhood New Cryptocurrency Wallet as Demand Rises

USA trading platform Robinhood ( Read Robinhood app review ) has been test driving its highly anticipated crypto wallet as users clamor for more functionality.

The millennial investor loved trading portal is edging closer to launching a long-awaited app that may enable its growing user-base to send and receive cryptocurrencies.

A beta version of Robinhood’s iPhone app showed the company’s latest upgrades on the new digital asset features, in line with Bloomberg.

There is a hidden image showing a roster for users needing to get their hands on the app and code concerning crypto transfers, it added.

Robinhood Deeper into Crypto

Robinhood users can already buy and sell cryptocurrencies on the platform but they have to convert them to and from USD. With a native app, users are going to be able to send crypto assets to every other directly and founded two-factor authentication for extra security.

Robinhood Chief military officer Vlad Tenev stated that adding crypto wallets may be a priority for the company’s developers and that they are actively acting on such.

“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 beta app leak suggests it’s not too secluded. Users of the new functions will must activate crypto sending and receiving and also the registration page would require an identity check, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to market longer-term cryptocurrency investing. The zero-fee recurring purchase feature enables users to schedule digital asset purchases for normal intervals with buys as low as a dollar.

This will encourage customers to make their cryptocurrency portfolios over time and “become a full coiner,” stated Robinhood.

Robinhood Users Hungry For Crypto

Cryptocurrency trading has been one amongst the largest drivers of revenue for Robinhood this year. Dogecoin has been the assets, in step with the corporate. It reported that 62% of its $233 million in second-quarter crypto income came from DOGE trading.

It added that quite half all transaction-based revenue on the platform came from digital asset trading. The firm did warn that Q3 wouldn’t be as prosperous because of “seasonal headwinds and lower trading activity across the industry.”

Robinhood share prices have already fallen 43% since their all-time high of a touch over $70 in early August. they’re currently trading down 1.68% since Monday’s open at $40.70 in keeping with Yahoo! Finance.

Robinhood Markets rolls out a Recurring crypto investing feature that enables users to regularly buy coins, commission-free, on a daily, weekly, or monthly schedule.