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Robinhood, an American online brokerage that went public in late July announced plans to launch a new wallet for cryptocurrencies such as Bitcoin, Ether and Litecoin on Wednesday. People interested in testing the features can sign up soon and will have access to wallets by the end of 2021. Though the crypto wallets will be generally available by early 2022.
Starting next month, select Robinhood customers can begin testing the features, said the company. More customers will be able to join at a later date through a waitlist, it added. The announcement comes a day after Bloomberg reported that Robinhood is testing the features, citing a beta version of its iPhone app.
Robinhood says crypto aligns "perfectly" with its mission to democratize finance for all because crypto was born out of a mission to return power to the people.
Robinhood currently offers crypto buying and selling services. The wallet feature will allow customers to store and move their crypto holdings in and out of their apps. That means customers can send their crypto to other wallet addresses and receive supported cryptocurrencies into their accounts. Robinhood currently supports seven cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Ether Classic (ETC), and Litecoin (LTC).
As for storing crypto in the wallet, Robinhood said it is supporting security features such as identity verification, multi-factor authentication, and email and phone verification.
Earlier this month, Robinhood also announced the launch of a crypto recurring investments feature that allows customers to buy crypto automatically at regular intervals. That feature has now been made available to all customers, said the company.
Robinhood started its crypto trading offering in 2018. The offering has grown to become a lucrative business line for the company. Between Q2 2020 and Q2 2021, Robinhood's transaction-based revenues from crypto trading increased by a whopping 4,282%, as The Block reported last month. Notably, 62% of the company's crypto transaction-based revenue was attributable to Dogecoin trades.
Robinhood Crypto is currently available in all U.S. states and the District of Columbia, except for Hawaii, Nevada, New Hampshire, and West Virginia.
(Article Courtesy of The Block)