In Brief:
- Robinhood is testing the crypto wallet on its beta version.
- The app will allow its users to manage all cryptocurrency through wallet.
- Robinhood users will be able to set up 2-steps verification to secure their digital assets.
Robinhood Markets Inc. is testing a new crypto wallet and cryptocurrency transfer feature for the app. This move will prove easier for customers to send and receive cryptocurrencies like Bitcoin, Ethereum. The launch date is yet to be announced.
There is much evidence that this app’s features had appeared on the Beta version of the iPhone app. This software contains a hidden image portraying a waitlist page for users signing up for a crypto wallet feature, according to a Bloomberg report. The app also has code referring to cryptocurrency transfers.
The concept behind the crypto wallets is to store and use all the cryptocurrencies without having to convert them to dollars. Here, users can store all their virtual currencies using private keys. Robinhood customers will also have the ability to set up two-factor authentication to use the feature.
Robinhood shares jumped as much as 2.1% to $41.54 in late trading after the test’s news came out. The stock has climbed 7.1% since an initial public offering in July.
Robinhood customers can buy and sell popular cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. This would be the first time when users of the app can manage all their crypto holdings through a wallet in their app.
Last month, Robinhood also tested a feature called “price volatility protection”. The app was working on a feature to protect users from cryptocurrency price volatility. Both feature codes were hidden inside a test version of the company’s iPhone app, which was discovered by iOS developer, Steve Mose.
Robinhood Chief Executive Officer Vlad Tenev has said that adding crypto wallets is a priority for the company’s developers.
“It’s something that our teams are working on,” he said on a call following the company’s second-quarter earnings release, noting that the feature is in particular demand among Dogecoin enthusiasts. “The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”
