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This article was published on September 21, 2021

Post-IPO Robinhood wants to dive into cryptocurrencies

No launch timeline yet

Post-IPO Robinhood wants to dive into cryptocurrencies

After its IPO in July, trading platform Robinhood is now said to be planning to load up its app with new features like a cryptocurrency wallet. According to a report by Bloomberg, the company is testing a new function that’ll allow you to store and transfer digital assets such as Bitcoin and Ethereum.

The report noted that the wallet feature was spotted in the app’s beta version on iPhones, with code for cryptocurrency exchange included too. You can already buy digital currencies like Bitcoin, Dogecoin, Ethereum, and Ripple. Now, this new feature will allow you to store these assets and transfer them to another wallet too.

The firm’s official account also teased the feature on Twitter. Plus, the CEO Vlad Tenev said in March that wallet is the priority for Robinhood’s developers. However, the company hasn’t given any definitive timeline for the launch.

Leaks suggest that users will get to put the wallet under two-factor authentication security. This is wise, given you could stand to lose a lot if anyone were to gain access to your crypto assets.

Robinhood will compete with other crypto trading storage platforms like Coinbase, Gemini, and eToro.

After Bloomberg’s report, Robinhood’s shares surged to $41.52, but fell in after-hours trading to $40.70.

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