The introductory test phase of Robinhood’s crypto wallet begins in October. This would give users more leverage over their crypto assets, allowing them to deposit and withdraw from external wallets.
“We’re excited to share that starting next month, the first customers will begin testing crypto wallets on Robinhood.” The company said on its blog on Wednesday.
The announcement of Robinhood’s crypto wallet has had an instant impact on the company’s shares as it rose by 10.9% on Wednesday.
For the first phase of testing, the service will be exclusive to selected members, but the company intends to “roll out access” to more users through the waiting list.
The crypto wallet, described by the company as “intuitive”, will come with a set of security features such as multi-factor authentication, identity authentication, and email and phone verification to protect the tokens and users from hackers.
Robinhood’s crypto exploit
Robinhood first entered the crypto space in 2019 but the trading company now gets a significant portion of its revenue from crypto-related transactions.
The company realises the potential in the crypto market and seems to want to explore the space even more.
In the last quarter, crypto trading made up over 50% of Robinhood’s transaction-based revenue.
Photo Credit: Robinhood | Tomsguide | CNBC