Robinhood Plans to Launch a New Wallet


September 22, 2021, | AtoZ MarketsBloomberg reported that the online brokerage is in the test phases for a wallet that allows investors to transfer their crypto holdings out of the app.

This would apply to all of the crypto available for trading on the app. Including its most popular crypto investment option, Dogecoin, which remains the most popular crypto traded on the platform.

Robinhood recently revealed that crypto trading accounted for 50% of its revenue during the second quarter of the year.

What Is New in the Wallet?

One of the major reasons investors have with investing in the trading app is the inability to transfer out their crypto holdings. This essentially means that investors are betting on the price of the crypto they are investing in rather than investing in the coins themselves. If Robinhood rolls out its latest wallet feature, it could eliminate this problem for its users.

According to the report, the trading platform is testing out its new wallet and transfer capabilities to be integrated into its app.

The report claims the existence of a beta version of this iPhone app. Also featuring a waitlist for users to be able to use this feature.

Robinhood’s CEO, Vlad Tenev, explained that they were working to rectify any problems with their new wallet. And that providing a crypto wallet remains a top priority for the company,

“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.”

What Is the Most Famous Crypto on Robinhood?

In its second-quarter earnings report, the company revealed that of the 50% revenue that crypto trading brought in, Dogecoin trading had made up 62% of the total volume.

The total revenue from crypto trading was $233 for the quarter. And with Dogecoin bringing in 62%, the digital asset Brough in $144 million in revenue for the trading platform. Making this it’s highest-selling offering.

With a market cap that exploded in early 2021, DOGE has ascended to become one of the biggest cryptocurrencies.

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