Robinhood Crypto Wallets Expected Next Month
Two days after news was released that Robinhood was testing a new crypto wallet, the company made it official: crypto wallets will start rolling out next month.
âRobinhood crypto wallets will allow you to move your crypto in and out of your app with just a few clicks, send your crypto to other wallet addresses, and receive supported cryptocurrencies to your Robinhood account,â said the trading platform said in a statement. blog post Wednesday (September 22). “This means you can consolidate your coins into one account so it’s easier to track your wallet, move supported coins into your Robinhood account so you can redeem those coins commission-free, and more.”
Read more: Robinhood tries crypto wallet, transfer features
The company claims the wallets are designed with security features that include identity verification, multi-factor authentication, and email and phone verification to protect coins from hackers and other threats.
Meanwhile, Robinhood said its recently launched cryptocurrency investment program is now available to all crypto clients, allowing them to buy their favorite coins commission-free for as little as $ 1.
âWe know that crypto markets can be volatile, so we’ve introduced this feature to help you focus on long-term growth, reduce risk, and reduce the stress of timing markets,â said stated the blog. “With other platforms charging up to 4% on each trade, this type of practical investing strategy is not practical anywhere except Robinhood.”
Read more: Robinhood: Over 60% of funded accounts exchanged cryptocurrency
The news comes shortly after Robinhood reported that 63% of its accounts have engaged in crypto trading in the past year, with 62% of that trading coming from dogecoin.
Speaking on a profit call, Robinhood said there had been a âton of enthusiasmâ for crypto in general and crypto wallets in particular. Users have also shown their enthusiasm for the withdrawal and deposit features.