Robinhood set to test a digital wallet app as users demand for it
HomeNewsRobinhood set to test a digital wallet app as users demand for it

Robinhood set to test a digital wallet app as users demand for it

Walter Akolo
Walter Akolo
31st Jan 2023

Robinhood Markets Inc. is poised to launch a new cryptocurrency wallet app soon.

Tests on currency transfer features are ongoing. If approved, customers will start sending and receiving Bitcoin, Ethereum, and other digital currencies with ease.

The long-awaited features made a debut in the company’s beta version of its iPhone app. Users signing up for the crypto feature are shoved into a waitlist page (for now) pending official rollout. The app even boasts codes that refer to cryptocurrency features.

A crypto wallet app allows customers to use digital currencies without converting them into dollars. Second, it’s a safe central place (complete with a digital key for maximum protection) to store all your virtual currencies.

Company’s uptick in share prices

The official announcement of the test soared Robinhood’s share prices to new highs of 2.1% — approximately $41.54 in late trading. The company’s stocks also rose steeply to about 7.1% since the company’s July IPO.

The reason for the uptick in prices is because it’s the first time Robinhood customers will manage all their crypto holdings into a wallet (within the app). So far, it’s possible to buy and sell Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies on the platform.

Robinhood CEO, Vlad Tenev, said adding a crypto wallet within the app was long overdue — and a top priority for the company’s developers. Companies such as Gemini Trust Co and Coinbase Global Inc. boast crypto wallets, too.

Perfecting the apps ecosystem

Tenev is quick to note that the new digital wallet feature is sweet music to Dogecoin enthusiast’s ears. “They [particularly] demanded it”, he said.

However, Tenev admits that the ability to deposit and withdraw cryptocurrencies is a tricky process when done on a massive scale. So, Robinhood teams are working on perfecting the apps ecosystem before the launch.

”We want to make sure [the launch is] done correctly and properly”, he said.

The CEO didn’t disclose a date for the official launch of the feature. But judging from the support and test announcements, it might occur sooner than we think.

The debut for the testing of the new feature comes after Robinhood released its second-quarter earnings, which is about 41% of its net revenue during the period.

To use the new feature, Robinhood customers will set up two-factor authentication for maximum protection. The enrollment page of the feature will also require an identity check before customers can start sending or receiving cryptocurrencies.

Author Bio
Walter Akolo
Walter Akolo
Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.