Nasdaq-listed multi-asset brokerage Robinhood Markets Inc has announced that Crypto Wallet will be integrated into its application, and will be rolled out as early as next month. According to a Wednesday blog post, the trading platform, renowned for its commission-free trading models, said the testing for the new crypto wallets will first be opened to a select number of users.
The company said the experiences of the testers will be shared, and used to reshape the wallet development. Other users will notably be onboarded along the way based on a Waitlist that is now open to every eligible user to hop along the line.
Functionalities of the Proposed Robinhood Wallet
Digital wallets are often designed with the capabilities to serve as a storage shield for cryptocurrencies. Many are built with additional features that offer increased functionalities for the assets being stored. The Robinhood crypto wallet will take a cue from this model, but offer much more usability for users.
With the wallet, users will be allowed to move their digital currencies in and out in a few simple steps. According to Robinhood, users will also be able to send their crypto to other wallet addresses while also being able to receive supported cryptocurrencies into their Robinhood account. The feature is a big detour from the company’s earlier system where the movement of crypto is unidirectional, that is, once coins come in, it is impossible to spend them or send them to third-party wallet addresses.
The company came under fire for this model when it was accused of restricting Dogecoin (DOGE) trading back in April. This perhaps contributed to the move to permit the bi-directional movement of supported digital assets.
An additional capability the wallet has is its ability to help users consolidate their crypto holdings into one account. This helps in effective monitoring of the user’s portfolio amongst other capabilities that will be enabled in the not too distant future.
Crypto Powering Robinhood’s Growth
While Robinhood has an extensive presence in offering other major financial products such as fractionalized stock trading, cryptocurrencies are arguably powering the growth of the firm. Per the revelation for the crypto wallet feature coming soon, the type or number of cryptocurrencies that will be supported was not made known.advertisement