The world's leading exchange platform Robinhood confirmed that it is working to launch a new 'crypto wallet' integrated into its app to meet the demands of investors and would allow users to transfer cryptocurrencies, making it easier for users to send and receive digital coins such as Bitcoin, Ethereum, Dogecoin among others.
The news of Robinhood's upcoming crypto wallet has caused excitement among cryptocurrency investors as the app would make it easier to trade digital currencies and also add many new and first-time investors into the fold that would eventually propel the prices to shoot up, as millions of investors would get access to buy and sell their favourite coins.
David Gokhshtein, the founder of Gokhshtein Media and CEO of PAC Protocol, shared his excitement about Robinhood's new crypto wallet feature and stated that the crypto market is headed towards the right direction with the latest development.
Gokhshtein believes that the new wallet will become the most popular application for new retail investors and the feature would allow more users to join the platform from other applications.
Sharing his excitement exclusively to The International Business Times, Gokhshtein said: ''Once Robinhood activates crypto wallets on its platform, I believe it'll become the most popular application to use for new retail investors.''
Gokhshtein continued: ''Robinhood already have cryptocurrencies available on their platforms and it's been a huge success for them. Having wallets implemented would allow more users to join over to the platform from other applications.''
When news broke out that Robinhood is working on a crypto wallet, its shares jumped +2.1% and reached $41.54 in the days trade and has now climbed +7.1% since its initial public offering (IPO) in July.
Robinhood saw exponential growth after listing cryptocurrencies on their app and made up to 41% of their net revenue in FY21 through it. Their latest filing shows they made $233 million in revenue with crypto and 62% of the transactions came from Dogecoin alone.
Robinhood's CEO, Vlad Tenev, told Bloomberg on the upcoming crypto wallet: ''It's something that our teams are working on. 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,'' but did not specify a timeline as to when the crypto wallet would be released.