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Robinhood is testing a cryptocurrency wallet

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Retail-trading platform Robinhood is testing a cryptocurrency wallet function that allows you to send Bitcoin (BTC) and other digital assets. Bloomberg reported this with reference to the code of the beta version of the company’s application for iOS.

According to the publication, the software includes a hidden waiting list page for users. Furthermore, the application has a code related to asset transfers.

Thus, developer Steve Moser discovered that Robinhood customers will have the opportunity to configure two-factor authentication for the wallet. Meanwhile, users can only trade cryptocurrencies and sell them for fiat.

The possibility of withdrawing digital assets

NEW YORK, NY – MAY 10: Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. (Photo by Noam Galai/Getty Images for TechCrunch)

In March 2021, the CEO and co-founder of Robinhood, Vlad Tenev, said that the platform plans to add wallet functionality in a short time. “Just as I am being pestered about this in social networks, I am putting pressure on the crypto team and developers with the same persistence. We are working tirelessly,” he shared.

Moreover, in the first two months of 2021, the number of Robinhood Crypto users increased by 6 million.

In May, COO Christine Brown confirmed the imminent appearance of the possibility of withdrawing digital assets. Brown refused to give a specific time frame for the implementation of the initiative. But added that the recent collapse in the market will not affect it. “It doesn’t look like a simple switch. This is a very difficult issue from the point of view of optimization,” she explained.

The company’s future development

Earlier, Bloomberg discovered a test solution in the company’s iOS application code to protect users from cryptocurrency volatility. In the first quarter of 2021, Robinhood’s revenue was $522 million. 17% of the company’s total revenue was accounted for transactions with cryptocurrency, a third of this amount was accounted for customer transactions with Dogecoin. The platform launched the feature in mid-September.

Recall that in the second quarter, crypto trading brought Robinhood 41% of revenue. For April-June Robinhood received revenue of $565 million, 8.2% higher than the value for January-March. The share of digital asset trading in the indicator increased from 17% ($88 million) to 41% ($233 million). 60% of the 22.5 million customers with non-zero account balances in the second quarter carried out operations with cryptocurrency. 62% of the income related to digital assets came also from Dogecoin trading (34% in January-March).

In addition, on July 29, a broker-dealer company went on an IPO. On the eve of this event, Tenev called digital assets the basis of the company’s future development and confirmed the need for a crypto wallet.

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