Robinhood to Rollout Crypto Wallets Early Next Year, Testing Starts Next Month
Robinhood plans to start testing cryptocurrency wallets next month, but a broader rollout won’t be coming until next year.
The zero-commission retail brokerage said on Wednesday that apart from allowing buying, selling, and holding limited cryptocurrencies in its app, it will now start allowing its users to move these crypto-assets in and out of their brokerage accounts as well.
Robinhood’s crypto users have long been asking for crypto wallets, and the company has assured them that it is coming and has been their priority. As we reported earlier this week, the beta version of their iPhone app showed that Robinhood is working on these new crypto features.
“This is the natural next step for us when we think about democratizing finance for all, being able to have a lot more people from a lot of different contexts participate in this emerging market, and wallets are the key,” said Aparna Chennapragada, Robinhood’s chief product officer, in an interview.
What is one product feature you would love to see and why wallets?
— Robinhood (@RobinhoodApp) September 20, 2021
Out of its 21.3 million active users, crypto-trading customers account for about 60% of them.
The company plans to survey its current crypto users and begin testing the new wallets among a small group of respondents to get feedback, Chennapragada said. Robinhood has also opened its wait-list for customers to join for future access as part of the wallets’ phased rollout, she added.
Crypto wallets will include security features such as identity verification, email and phone verification, and multi-factor authentication.
“One of the things we’ve been trying to do is make sure that this is built safely, built securely,” which was one of the main challenges in developing the new feature, said Chennapragada.
Robinhood (HOOD) shares opened higher on Wednesday before going a bit lower and, as of writing, are trading at $43.95. The company went public on Nasdaq in late July at a price of $38 per share.