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Robinhood Testing New Cryptocurrency Pockets as Demand Rises

The millennial-focused buying and selling portal is edging nearer to launching a long-awaited app that can allow its rising user-base to ship and obtain cryptocurrencies.

A beta model of Robinhood’s iPhone app confirmed the corporate’s newest upgrades on the brand new digital asset options, in response to Bloomberg.

There’s a hidden picture exhibiting a ready checklist for customers wanting to get their palms on the app and code referring to crypto transfers, it added.

Delving Deeper into Crypto

Robinhood customers can already purchase and promote cryptocurrencies on the platform however they should convert them to and from USD. With a local app, customers will be capable of ship crypto belongings to one another straight and arrange two-factor authentication for extra safety.

Robinhood Chief Government Officer Vlad Tenev said that including crypto wallets is a precedence for the corporate’s builders and they’re actively engaged on such.

“The flexibility to deposit and withdraw cryptocurrencies is hard to do with scale, and we wish to ensure it’s carried out appropriately and correctly.”

He didn’t specify a launch date, however the beta app leak suggests it isn’t too far-off. Customers of the brand new features might want to activate crypto sending and receiving and the registration web page would require an identification examine, the report added.

On Sept. 11, CryptoPotato reported that Robinhood had launched incentives to advertise longer-term cryptocurrency investing. The zero-fee recurring buy function permits customers to schedule digital asset purchases for normal intervals with buys as little as a greenback.

This can encourage clients to construct their cryptocurrency portfolios over time and “grow to be a complete coiner,” said Robinhood.

Robinhood Customers Hungry For Crypto

Cryptocurrency buying and selling has been one of many largest drivers of income for Robinhood this yr. Dogecoin has been the crown jewel, in response to the corporate. It reported that 62% of its $233 million in second-quarter crypto revenue got here from DOGE buying and selling.

It added that greater than half of all transaction-based income on the platform got here from digital asset buying and selling. The agency did warn that Q3 wouldn’t be as affluent as a consequence of “seasonal headwinds and decrease buying and selling exercise throughout the trade.”

Robinhood share costs have already fallen 43% since their all-time excessive of somewhat over $70 in early August. They’re at present buying and selling down 1.68% since Monday’s open at $40.70 in response to Yahoo! Finance.

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