On Wednesday, Robinhood announced its plans to start the testing of the cryptocurrency wallets next month. The company will do the broader rollout of the product in early 2022. This new feature will allow users to quickly move supported digital currencies to and from their brokerage accounts.
This retail brokerage allows buying, selling and holding of different cryptocurrencies like bitcoin and dogecoin. The last quarter saw crypto transactions exceed equities for the first time! During the pandemic, the customers who benefitted from the retail trading boom have long kept asking for crypto-wallets.
The new crypto wallets would allow the users to participate in a blockchain-based ecosystem. These include virtual assets like non-fungible tokens (NFTs) on the Ethereum network. Robinhood Markets Inc. said that this is the natural next step for them is to think about democratizing finances for all. This also includes being able to have many people with different contexts.
In the emerging market, wallets are the most important. Now, Robinhood also plans to survey its current crypto-trading customers. These crypto-trading customers make up around 60% of the app’s 21.3 million active users.
Robinhood customers are also allowed to join a waitlist for future access to the wallets. The wallets will include security features. This includes identity verification, multi-factor authentication, and email and phone verification. Security is essential to keep coins safe from hacks and other threats.