Popular Retail Trading App, Robinhood, Is Testing A Crypto Wallet, Shows Beta Version

Online stock trading app Robinhood (HOOD) is testing the long-awaited new features in its crypto wallet that will allow users to send and receive crypto assets outside of the app.

The beta version of the brokerage service provider's iPhone app showed that it is working on such features.

According to a Bloomberg report, the software also had a hidden image that showed a waitlist page for users signing up for the feature. The code for the app also referred to cryptocurrency transfers.

Discovered by software developer Steve Moser, the planned offering also shows the ability to set up two-factor authentication to use the feature.

CEO Vlad Tenev has repeatedly said that adding crypto wallets and allowing deposits and withdrawals is the company's priority. “It’s something that our teams are working on,” he said on a call following the company’s second-quarter earnings release.

At the time, Tenev also said that they are growing their crypto team “hugely” this year and that they “might add some new coins along the way,” too.

The company that went public in July had 41% of its net revenue in the second quarter coming from cryptocurrency trading. And out of this $233 million revenue, 62% came from the meme coin Dogecoin (DOGE) alone. DOGE 0.03% Dogecoin / USD DOGEUSD $ 0.24
$0.000.03% Volume 1.58 b Change $0.00 Open $0.24 Circulating 131.72 b Market Cap 31.18 b 2 d CME Bitcoin Futures Open Interest Cracks A New ATH, Ethereum Aims for $4k Again 6 d Bitcoin Miner Maker Ebang Focusing on R&D and Sales of Dogecoin Mining Machines Besides BTC 6 d Robinhood Cites Regulatory Actions or Policies Towards Crypto as Business Risk in Filing

The new crypto features are being tested as part of the company's “alpha program,” which will require the users to activate crypto sending and receiving. The enrollment page will require an identity check with the message reading, “Complete the steps to start sending and receiving crypto.”

Code in the app also revealed plans for spare change investing and an early deposit option for checking accounts.

This comes after Robinhood launched price volatility protection and recurring orders for crypto purchases last week.