The fervor round Dogecoin delivered massive revenues for stock-trading app Robinhood, and the corporate introduced Wednesday that it’s wandering deeper down the crypto rabbit gap, sharing that it’ll quickly start testing crypto wallets for its customers.
The crypto wallets, which Robinhood says it’ll start rolling out subsequent month over time to customers on its waitlist, will enable customers to commerce, ship and obtain crypto tokens contained in the app. The replace brings Robinhood an oft-requested function for crypto customers, and brings the app deeper into the crypto ecosystem. Customers had beforehand been capable of purchase and promote just a few cryptocurrencies together with Dogecoin and Bitcoin, however had been unable to ship these cash to exterior wallets or obtain them from elsewhere.
The transfer will open Robinhood as much as lots of the alternatives within the crypto house that rivals like Coinbase have been capable of capitalize on. It concurrently pushed the corporate into an space with much more regulatory obscurity. This week, Coinbase abandoned a long-planned lending product after the SEC threatened to sue the corporate.
2020 and 2021 have been breakout years for the cryptocurrency world, with cash bouncing up and down all through the interval however reaching features a lot greater total. Coinmarketcap estimates the worldwide market cap for cryptocurrencies stands at simply shy of $2 trillion.
Traders appear bullish in regards to the firm leaning deeper into the crypto house, Robinhood’s inventory was up greater than 10% in buying and selling at present.