Robinhood gears up to launch digital currency wallet as user demand grows

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Robinhood trading app (NASDAQ: HOOD) is preparing to roll out a new digital currency wallet service, along with a feature that would enable digital currency transfers through its platform, in a move that should excite a user base already calling for greater grip. digital currencies charge.

The brokerage app launched support for the digital currency wallet and transfer functionality within its app, including a hidden image showing a waitlist page for users to sign up to its app. digital currency portfolio, Bloomberg first reported. There are also several lines of code referring to digital currency transfers contained within the app.

Wednesday, the trading app confirmed that “crypto wallets are coming” to its platform. The wallet will allow users to move their digital currency holdings in and out of the app “with a few clicks”, as well as send digital currencies to other wallet addresses and even receive supported digital currencies. on the user’s Robinhood account. There is a waiting list for customers who want to access the wallet first.

A news leak about the possible deployment of a digital currency wallet sent stock prices soaring, with Robinhood shares trading up 2.1% in the wake of the reveal. Although the rise was subsequently stalled, it represents a total increase of 7.1% since the company’s IPO in July.

The wallet service would allow Robinhood clients, who are already able to buy and sell digital currencies, to store their assets in a single wallet on the platform. In line with a number of other platforms to launch their own wallets, such as Coinbase and Gemini, the app will give Robinhood users more flexibility in managing their digital assets.

Vlad Tenev, CEO of Robinhood, previously said that developing a digital currency wallet is something the company is exploring in some depth, fueled by growing demand from customers for the app.

“It’s something our teams are working on. The ability to deposit and withdraw cryptocurrencies is difficult to do with the scale, and we want to make sure it’s done correctly and correctly, ”Tenev said.

There remains no indication of a timeline for a full deployment, and for now, Robinhood executives are keeping a low profile. However, it appears that the likelihood of the company rolling out its own crypto wallet in the coming months is increasing.

Robinhood has been a major beneficiary of digital currency trading, accounting for up to 41% of its revenue recorded in the last quarter. Some 62% of its trading volumes come from Dogecoin, essentially a fictitious cryptocurrency, which is the source of much of the value traded on its books.

More generally, digital currency has been a massive boon to the trading app, providing much of the company’s revenue growth in the past few months since its less than spectacular debut on the stock exchange.

Software developer Steve Moser has discovered clues hidden in the code of the Robinhood app, which could indicate the direction in which the app is moving with respect to its digital currency functionality.

Code details reveal that the new features are part of an “alpha program,” which users will need to register to access the feature, including providing a support ID and other steps. A message in the app encourages users to “complete the steps to start sending and receiving cryptocurrency.”

Hints in the code have previously indicated upcoming features for Robinhood, with features flagged in July as indicating upcoming volatility protections and recurring digital currency orders coming into effect in recent days.

Other features were also warned in the same way, including early deposit options for checking accounts and alternative currency investments. With Robinhood’s developers busy working on these features behind the scenes, it’s possible to infer from similar timelines that a rollout could be expected later in the year.

While this presents a benchmark of what’s to come, Robinhood users can expect enhanced digital currency features to roll out over the next few months, in a move that could solidify its place as a leader in the industry. retail and commerce digital currency investment market.

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