Robinhood to launch crypto wallets for Bitcoin, Ethereum, and Dogecoin by October
- Robinhood prepares to launch a wallet for BTC, ETH and DOGE to facilitate cryptocurrency holding for users.
- Waitlisted users on Robinhood to get access to the wallet as early as October 2021.
- The launch of a wallet is the first step in rolling out cryptocurrency and NFT services.
Commission free stock and crypto trading platform Robinhood has finally announced the launch of cryptocurrency wallets.
Robinhood teases the launch of crypto wallets as early as October 2021
Since the launch of crypto trading on the commission free exchange Robinhood, the crypto community has awaited the launch of a cryptocurrency wallet. Earlier today, the exchange platform made the launch official through a blog post.
The post reads,
We’re excited to share that starting next month, the first customers will begin testing crypto wallets on Robinhood. We’ll share their experience and feedback on our blog and Twitter regularly so you can follow along and get an under the hood look into what we’re building.
The exchange has invited users to join the waitlist to test the wallet facility. Robinhood’s wallets will allow users to receive supported cryptocurrencies, track their portfolio and trade commission-free on its exchange platform.
A few weeks ago the exchange announced the launch of dollar cost averaging and the feature is currently live for users. Robinhood states that it is focused on making cryptocurrency easier and accessible for traders.
Vlad Tenev, company chief at Robinhood teased in July 2021, that the company has planned the launch of a crypto wallet feature and wanted to provide users an app-based cryptocurrency wallet feature. Users have been unable to move their cryptocurrency holdings from Robinhood’s exchange platform and once the wallets are launched, this is set to change.
The exchange took the first step by launching cryptocurrency wallets, before jumping in on NFT trends.
The platform teased users on Twitter, asking the feature they would like to see on its commission-free exchange.
What is one product feature you would love to see and why wallets?
— Robinhood (@RobinhoodApp) September 20, 2021
The announcement comes at a time when ARK Invest, a leading American Investment Management Firm bought $31 million worth of Robinhood shares.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
