Breaking Stories

Robinhood Tries Out Crypto Wallet, Transfer Features









Robinhood is testing a new cryptocurrency wallet and transfer features on its app, Bloomberg reported.

The move is designed to help Robinhood customers send and receive digital currencies, including bitcoin, without having to convert them to dollars, according to the report. The crypto wallet serves a single place for users to store all their virtual currencies and is protected by a private key.

The features have thus far appeared in a beta version of Robinhood’s iPhone app and have included a hidden image which shows a waitlist page for users looking to sign up, the report stated. The app has code that refers to crypto transfers.

Upon the news, Robinhood shares rose by 2.1% to $41.54 in late trading, according to the report.

In other Robinhood news, the company has reported that 63% of its accounts have traded crypto in the past year.

Read more: More Than 60% of Robinhood Funded Accounts Traded Crypto

The numbers showed that 62% of the crypto trading came from dogecoin.

The company, speaking on an earnings call, said there had been a “ton of enthusiasm” for crypto and, in particular, crypto wallets. Users also expressed enthusiasm for withdrawal and deposit functionality.

As of August, the company reported monthly active users totaling 21.3 million, an increase from the 17.7 million in the beginning of the year.

Meanwhile, Robinhood announced a cash giveaway contest in August to help draw in new customers.

See more: Robinhood to Give Cash to New Clients

The “$100,000 summer giveaway sweepstakes” allowed participants to contend for one of 200 $500 prizes by applying for a brokerage account and linking a bank account, or by referring someone else to the app. The winners of the contest were notified Thursday (Sept. 16).





What is your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *