Robinhood Markets Inc.
is rolling out a brand new characteristic that can enable customers to make use of a crypto pockets and make cryptocurrency transfers on its app, the corporate confirmed to MarketWatch.
Crypto wallets are digital storage areas the place individuals can safely hold digital coins. Digital cash that commerce on Robinhood, together with bitcoin
will be capable to be saved within the crypto wallets, in keeping with Robinhood.
Whereas it’s already attainable for Robinhood customers to purchase and promote cryptocurrency, this is able to be the primary time account holders can handle all of their crypto holdings by way of a pockets contained in the app. Different corporations together with Coinbase International Inc.
and Gemini Belief Co. supply crypto wallets.
“Robinhood crypto wallets will permit you to transfer your crypto out and in of your app in just a few faucets,” the company announced. “Ship your crypto to different pockets addresses and obtain supported cryptocurrencies into your Robinhood account.”
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Robinhood’s crypto wallets will debut in October for some customers and shall be out there to 100% of account holders in early 2022, an organization consultant informed MarketWatch.
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Previous to this announcement, Robinhood customers had been solely allowed to arrange automated buys for shares and ETFs, not cryptocurrency.
Greater than half of Robinhood’s $565 million transaction-based revenue came from cryptocurrency buying and selling over the past quarter. Final week, Robinhood warned any person interested by shopping for cryptocurrencies that “crypto markets could be risky.”
Robinhood’s inventory, which debuted in late July on Nasdaq, was up 2.86% throughout Wednesday buying and selling.