Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Robinhood Is Testing A New Crypto Wallet To Allow Crypto Withdrawals

Robinhood Is Testing A New Crypto Wallet To Allow Crypto Withdrawals

Trading app Robinhood is testing new features, including a crypto wallet and cryptocurrency transfers. According to the company, the ability to deposit and withdraw cryptocurrencies is difficult in large scale, and they want to make sure it’s done correctly and properly.

Robinhood has made massive growth this year, mainly thanks to increased interest in Dogecoin. The trading platform recently revealed that crypto trading made up 52% of its revenue for the second quarter of the year, of which Dogecoin was 62%. And that number is expected to grow as Robinhood’s focus falls on crypto. This is why the most recent feature that Robinhood is testing is very important to the company.

One of the major reasons investors have with investing in the trading app is the inability to transfer out their crypto holdings. This essentially means that investors are betting on the price of the crypto they are investing in rather than investing in the coins themselves. If Robinhood rolls out its latest wallet feature, it could eliminate this problem completely for its users.

Robinhood is looking for a solution, and is “quietly” testing several new features, Bloomberg reported Monday, describing:

“Robinhood Markets Inc. is testing new crypto wallet and cryptocurrency transfer features for its app.”

Some of the new features have appeared in a beta version of Robinhood’s iPhone app, the Bloomberg noted, adding that the planned offerings were discovered by software developer Steve Moser.

Robinhood CEO Vlad Tenev previously said that adding a crypto wallet is a priority for the company’s developers but did not indicate when the launch would be. He said on the company’s second-quarter earnings call:

“It’s something that our teams are working on. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

Tenev said that these features are particularly in demand among dogecoin (DOGE) enthusiasts.

In its second-quarter earnings report, the company revealed that of the 52% revenue that crypto trading brought in, Dogecoin trading had made up 62% of the total volume. The total revenue from crypto trading was $233 for the quarter. And with Dogecoin bringing in 62%, the digital asset Brough in $144 million in revenue for the trading platform. Making this its highest-selling offering.

The new crypto features are being tested as part of an “alpha program,” information within the code of the Robinhood app shows. The publication further noted that the code also revealed the company’s plans for “spare change investing and an early-deposit option for checking accounts.”

Source: Robinhood Is Testing A New Crypto Wallet To Allow Crypto Withdrawals – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
×