Leading stock exchange platform Robinhood is quietly testing a new crypto wallet on its app that allows investors to transfer cryptocurrencies and make it easier for users to send and receive digital currencies such as Bitcoin, Ethereum, Dogecoin among others, Bloomberg reports.
The evidence of the upcoming crypto wallet first appeared in a beta version of its iPhone app. The software had a hidden image that portrayed a waitlist page for users who sign up for the crypto wallet feature. The hidden image also has a code that refers to cryptocurrency transfers.
With the upcoming crypto wallet, users can buy and trade cryptocurrencies without converting them to dollars and it is reported that Robinhood will provide investors a single place to store all their digital currencies that would be protected by a private key.
While Robinhood has already listed popular cryptocurrencies for trading such as Bitcoin, Ethereum and Dogecoin, they offered no option to manage all the crypto holding through a wallet in their app, while its competitors such as Coinbase, Gemini Trust offered users their own crypto wallets.
As soon as news broke out that Robinhood is quietly working on a crypto wallet, its shares jumped +2.1% and reached $41.54 in the days trade and has climbed +7.1% since its initial public offering in July.
Vlad Tenev, the CEO of Robinhood said to Bloomberg that adding the crypto wallet in the app is top priority for the company's developers and want to scale it further. ''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.''
Tenev also added that the crypto wallet is currently in huge demand and Robinhood is doing everything to meet the needs of its users. However, Tenev didn't disclose when exactly the crypto wallet would be released but stated that the support and testing is currently under progress.
Robinhood is focusing on cryptocurrencies as the trading platform saw exponential growth making up to 41% of its net revenue through crypto trading and earned $233 million in revenue and 62% of the transactions came from Dogecoin alone.