Retail-trading platform Robinhood is reportedly testing a long-awaited digital wallet feature that enables users to send and receive crypto-assets such as Bitcoin (BTC). <\/p>\n
Bloomberg reported the rumor on Sept. 21, with the publication claiming to have seen screenshots of a withdrawal interface in a beta version of the wallet feature in Robinhood\u2019s IOS app. <\/p>\n
While details are sparse, Bloomberg also claims to have seen a waitlist where users will be able to sign up for the new digital asset wallet. \u201cThe app also has code referring to cryptocurrency transfers,\u201d the report added.<\/p>\n
Robinhood users are currently only able to buy crypto with US dollars and trade digital assets on the platform, as the app does not support crypto deposits and withdrawals. <\/p>\n
Robinhood\u2019s crypto traders have long badgered the company to introduce deposit and withdrawal functionality for digital assets, with the calls having grown this year as fiery-eyed Dogecoin fanatics converged on the platform.<\/p>\n
In an Aug. 19 quarterly earnings call, Robinhood CEO Vlad Tenev announced that the firm was finally exploring introducing a crypto wallet. <\/p>\n
“I know there’s been a ton of enthusiasm from the crypto community and the Dogecoin community in particular in getting access to wallets,” Tenev stated, emphasizing the firm\u2019s excitement to launch the new feature.<\/p>\n
Robinhood first launched Bitcoin and Ethereum trading services in 2018 for customers in five U.S. states. Robinhood has since expanded its altcoin support and currently allows traders based in all but four U.S. states to access its crypto features.<\/p>\n
Crypto services have become a significant part of Robinhood\u2019s revenue in 2021, with its Q2 report showing that around 41% of its $565 million revenue was from crypto trading. By contrast, the firm generated $5 million from crypto trading for the entirety of 2020.<\/p>\n
Earlier this month, the firm expanded its crypto offerings by launching a recurring crypto investment feature allowing users to dollar cost average (DCA) into crypto positions. <\/p>\n