The American financial service company, Robinhood market has grown so much this year owing to the increased interest in Dogecoin. The trading platform recently said that crypto trading made up to 50% of its revenue for the second quarter of this year.

With this, Robinhood’s focus on crypto has further increased, indicating the likelihood of the numbers expected to grow. The most recent feature that Robinhood is testing is very important for the firm.

One of the significant issues investors face while investing in the trading app is the inability to transfer their crypto holdings. This means that investors bet on the crypto price they are investing in instead of investing in the coins themselves. Robinhood’s latest wallet feature can eliminate this problem for its users once the feature rolls out.

Robinhood’s latest wallet feature is still in its test phases, allowing investors to transfer their crypto holdings outside the app. This feature will apply to all crypto available for trading on the app, with Dogecoin remaining the most popular crypto traded on the platform.

The existence of a beta version of this wallet on its iPhone app is also recognized.  A waitlist has been created for users wanting to be able to use this feature. This implies that the wallet will not be available to all of Robinhood’s users immediately.

Until now, the absence of an appropriate crypto wallet on the app has become a serious pain point for its users. This limits their crypto trades to just one platform instead of purchasing and moving around their coins. Vlad Tenev, Robinhood’s CEO, explained that since they were working to rectify this issue, providing a crypto wallet remains a top priority for the company as of now “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.”

Rushali Das

CBW - External Analyst

INDIA