Robinhood announced on Wednesday that it has implemented their long-awaited cryptocurrency wallet as well as transfer capabilities to enable customers to transfer and receive cryptocurrency.
In the coming month of October, selected Robinhood customers will be able to begin testing the new features according to the company.
Robinhood blog writes:
“We have news! We’re excited to share that starting next month, the first customers will begin testing crypto wallets on Robinhood. We’ll share their experience and feedback on our blog and twitter regularly so you can follow along and get an under the hood look into what we’re building.
Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account”
Robinhood will allow all customers to join these new features next year till Feb 2022. The announcement comes one day after Bloomberg reported that Robinhood is testing wallet and transfer features, and pointing to a beta version of their iPhone app.
Robinhood claims that crypto is aligned “perfectly” to their aim of making finance more accessible for everyone.
Robinhood currently provides the ability to buy and sell cryptocurrency. The wallet feature will allows users to store and transfer their cryptocurrencies in or out of Robinhood app.
This means that users can transfer their cryptocurrency to different wallet addresses, and receive cryptocurrencies that are compatible with their accounts.
Robinhood is currently supporting seven cryptocurrency including Bitcoin (BTC) Bitcoin cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum classic (ETC) and Litecoin (LTC).
In terms of storing cryptocurrency in wallet, Robinhood stated that it is able to support security functions such as the Two-factor authentication, identity verification and email and phone verification.