The millennial-centric trading portal is nearing the launch of a long-awaited app that will allow its growing user base to send and receive cryptocurrencies.
According to Bloomberg, a beta version of Robinhood's iPhone app showed the company's latest updates on new digital asset features.
There is a hidden image showing a waitlist for users eager to get their hands on the app and the code referencing cryptocurrency transfers, he added.
Learn more about cryptocurrencies
Robinhood users can already buy and sell cryptocurrencies on the platform, but they need to convert them to and from USD. With a native app, users will be able to exchange cryptographic assets directly and set up two-factor authentication for added security.
Even our readers can already start trading cryptocurrencies with other platforms such as Bitcoin Revolution which offers the possibility to do it safely and starting from a minimum investment of $ 250.
Robinhood CEO Vlad Tenev said adding crypto wallets is a priority for the company's developers and they are actively working on this.
"The ability to deposit and withdraw cryptocurrencies is difficult to do with the ladder and we want to make sure it is done correctly and correctly."
It hasn't specified a launch date, but the loss of the beta app suggests it's not too far off. Users of the new features will need to enable sending and receiving cryptocurrencies, and the registration page will require an identity check, the report added.
Robinhood had previously launched incentives to promote long-term cryptocurrency investments. The no-cost recurring purchase feature allows users to schedule digital asset purchases at regular intervals with purchases starting at one dollar.
This will encourage clients to build their cryptocurrency wallets over time and "become a whole coiner," Robinhood said.
Cryptocurrency hungry Robinhood users
Cryptocurrency trading has been one of the biggest revenue drivers for Robinhood this year. Dogecoin was the crown jewel, according to the company. It reported that 62% of its $ 233 million in crypto revenue in the second quarter came from DOGE trading.
He added that more than half of all transaction-based revenue on the platform came from digital asset trading. The company warned that the third quarter would not be as prosperous due to "seasonal headwinds and less business across the industry."
Robinhood's stock prices have already dropped 43% from their all-time high of just over $ 70 in early August. They are currently trading down 1,68% from Monday open at $ 40,70 according to Yahoo! Finance.