Robinhood Tests Crypto Wallet Feature in Beta

The Robinhood app has a new crypto wallet and transfer features in beta for the iPhone version of the app.

According to a report from Bloomberg, Robinhood Markets Inc. has new crypto wallet and transfer features for their app. This is a long awaited move from the company. 

Earlier this summer before the IPO launched Robinhood hinted at their intentions of more crypto offerings. Then, at the beginning of September, the company announced the launch of a recurring crypto investment feature. These new app features announced today allow customers the ability to send and receive cryptocurrencies like Bitcoin. 

The features are seen in a beta version of the iPhone Robinhood app. Included in the software is a hidden image with a waitlist page for users with interest in crypto wallets. There is also embedded code with references to crypto transfer abilities.

Shortly after the Bloomberg story, the company Tweeted, “What is one product feature you would love to see and why wallets?” 

Robinhood Advances

In late July this year Robinhood prepared for its listing as a publicly traded company. This came after the company faced two major fines. One for $10 million due to cybersecurity AML violations. The other was from FINRA, which the SEC oversees, for $70 million. This came after the company allegedly caused “significant harm” to customers. 

Nonetheless the company went public and in the matter of days shares skyrocketed 123%. The company also shared that this year they scored big with Dogecoin. At least 34% of their crypto revenue came from the infamous memecoin. 

Despite some rocky moments, Robinhood continues its stride deeper into the crypto space. A leaked video suggested that UniSwap, the world’s largest decentralized exchange, had talks with Robinhood. 

As stated above, the crypto features are still in beta. However as Robinhood’s moves this year are more crypto-forward and expansive, the live version does not appear far off. 

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