In a highly anticipated move, the Robinhood trading app is currently experimenting with the unveiling of a crypto wallet to give users the ability to send and receive popular cryptocurrencies like Bitcoin on its platform.
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“I know there has been a ton of enthusiasm from the crypto community – and the Dogecoin community in particular – to access wallets,” CEO Vlad Tenev said on a quarterly call on results last month. “It’s something our teams are working on. The ability to deposit and withdraw cryptocurrencies is difficult to do with the ladder, and we want to make sure it’s done correctly and correctly. “
Robinhood has never authorized the withdrawal or deposit of cryptocurrency on its platform. Rather, it forces users to use US dollars to buy and trade digital assets.
Robinhood’s stock price climbed 2.1% after the announcement, climbing to $ 41.54.
The crypto withdrawal feature is part of the Robinhood alpha program and was discovered through a beta of the Robinhood iPhone app that showed a secret image of a waitlist for the crypto wallet, according to Bloomberg. Users will need to activate the feature through a registration site which will request an ID check.
Robinhood crypto users – especially Dogecoin enthusiasts – have long craved the company to offer the ability to withdraw and manage crypto on the app. The companies Coinbase and Gemini already offer a similar crypto wallet.
When the crypto wallet is released, users can expect to join a waitlist for the feature.
Robinhood has already generated around $ 233 million in revenue from cryptocurrency trading, over 60% of which comes from Dogecoin alone.