In its latest expansion in the crypto, the trading platform, Robinhood, is set to launch a crypto wallet that would give users some level of control over their digital tokens starting from October.
Christine Brown, Robinhood Crypto Chief Operation Officer, disclosed this yesterday at Messari’s mainnet 2022 conference. This is coming days after the Robinhood official Twitter account had hinted of the platform seeing a possible crypto wallet soon but didn’t confirm further details.
Consequent to Brown’s disclosure of the news, Robinhood has released an official blog posthighlighting the various functions built in the app.
Currently, customers can only purchase cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin on the platform. However, with the new crypto wallet, they would have an expanded feature to transfer assets out of the wallet and into separate wallets—happening for the first time on the app.
Users’ control over the wallet won’t be unlimited, as it would be custodial, but its new functionality would allow sending and receiving of crypto in their respective Robinhood account. This means users who are not pleased with the operation of custodial wallets because of limited control over their wallets can now move their funds seamlessly into other non-custodial wallets.
According to Robinhood, the wallet would roll out in October, and customers can start joining the waitlist now to get quick access when it finally goes live.
Robinhood’s brokerage app launched in 2013 is notable for buying and selling stocks. It delved into offering crypto trading services in 2018. Currently, crypto trading revenue accounts for 41 percent of its total revenue.
It recently appeared in the news for the launch of a new dollar-cost-averaging (DCA) feature that allows users to automatically buy crypto on a recurring daily or monthly basis in increments as small as $1.