Trading app Robinhood is testing new features, including a crypto wallet and cryptocurrency transfers. According to the company, the ability to deposit and withdraw cryptocurrencies is difficult in large scale, and they want to make sure itâs done correctly and properly.
Robinhood has made massive growth this year, mainly thanks to increased interest in Dogecoin. The trading platform recently revealed that crypto trading made up 52% of its revenue for the second quarter of the year, of which Dogecoin was 62%. And that number is expected to grow as Robinhoodâs focus falls on crypto. This is why the most recent feature that Robinhood is testing is very important to the company.
One of the major reasons investors have with investing in the trading app is the inability to transfer out there crypto holdings. This essentially means that investors are betting on the price of the crypto they are investing in rather than investing in the coins themselves. If Robinhood rolls out its latest wallet feature, it could eliminate this problem completely for its users.
Robinhood is looking for a solution, and is âquietlyâ testing several new features, Bloomberg reported Monday, describing:Â âRobinhood Markets Inc. is testing new crypto wallet and cryptocurrency transfer features for its app.â
Some of the new features have appeared in a beta version of Robinhoodâs iPhone app, the Bloomberg noted, adding that the planned offerings were discovered by software developer Steve Moser.
