Money

Robinhood to Implement Bitcoin, Doge, Ethereum and More Wallet and Transfer Features in October

By Hannah perez

The ability to transfer cryptocurrencies to external wallets will arrive in a trial version this October and will be released to the general public in early 2022.

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Robin Hood, the popular financial services mobile app, is testing new cryptocurrency wallet and transfer functions, a feature that the company’s customers have been requesting for a long time.

Yes OK Robin Hood already offers services for the purchase and sale of cryptocurrencies such as Bitcoin, Ethereum and Dogecoin, the measure will allow its users to manage all their crypto holdings through a wallet in the application for the first time. It will also allow you to transfer your assets to external wallets, a feature that you currently don’t have and which platforms like Coinbase and Binance already offer.

Cryptocurrency transfers arrive in October

As reported by various news outlets, the company is preparing to roll out the new features in October among a group of selected clients. More clients will be able to join at a later date through a waiting list.

Meanwhile, it is expected that the wallet with all its functionalities officially launched to the general public by early 2022. This was revealed by the director of operations (COO) of Robinhood Crypto, Christine Brown, to various news outlets. “We want to ensure that our systems are scaling and that we are prepared to handle the full load“She said to CoinDesk.

So we will first give access to people on the waiting list, and then we will have 100% general availability in early 2022.

In May, the COO had already advanced Decrypt that the company was working on adding cryptocurrency transfers functionality, although it had not provided a launch schedule.

Users of Robin Hood they can now join that waiting list to gain early access to the wallet as trials roll out, which will go live next month. In addition to the waiting list, the company is also opening a Program “alpha“, Through which a small group of users will be invited to have practical access to the wallet, which is in the final stages of development, to provide feedback on its features and functionality.

A growing business

The official statements of Robin Hood come a few days after a report from Bloomberg let it be known that the company was testing the new features. In a report on Monday, the outlet had cited images of a beta version of the Robin Hood for iPhone, where you could see the new features that the platform is adding.

The app started offering cryptocurrency trading in 2018, a feature that has grown in popularity since then. Between the second quarter of 2020 and the second quarter of 2021, revenue based on cryptocurrency transactions of Robin Hood increased by more than 4,000%, as reported The Block.

In particular, the company’s earnings related to digital currencies have grown tremendously. Cryptocurrency trading accounted for 41% of its revenue in the second quarter of this year, with more than 60% of its clients operating these assets.

Currently, Robin Hood allows you to buy, sell and store seven cryptocurrencies. But with the increase in popularity of this service, many users have demanded to be able to withdraw their cryptocurrencies from the app. “If you go to any of our Twitter posts, you can see users saying, ‘I want to withdraw my crypto, when are you going to release wallets?’“Brown commented to CoinDesk.

Robin Hood has pointed out that cryptocurrencies line up “perfectly”With its mission to democratize finance. The new functionality will finally allow users to freely manage the seven digital currencies that the platform supports.


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Sources: CoinDesk, Decrypt, Bloomberg, file

Version by Hannah Estefanía Pérez / DailyBitcoin

Image from Unsplash

TAMMY SEWELL

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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