Robinhood testing cryptocurrency wallets with retail customers

Robinhood updates

Robinhood says Wednesday will start offering crypto wallets on its platform, placing active retailers on special competitions with well-known digital platforms such as Coinbase.

Wallets allow Robinhood customers to own and exchange bitcoin and so on money supply to pay for goods and services, instead of simply selling crypto as allowed here.

Shared in Robinhood went up 11% on Wednesday, raising its market value to $ 40bn.

Robinhood said he hopes to start testing wallets with a small group of customers in October before increasing the offerings to more than 32m registered users. Nearly 300,000 customers signed the waiting bag a few hours after the announcement, according to information posted on the Robinhood program.

Cryptocurrency sales generated $ 233m of Robinhood revenue in the second quarter of this year, up from $ 5m in the same quarter in 2020.

About 60% of the paid accounts on the platform traded cryptocurrencies of some kind in the second quarter, the broker said. Sixty-two cryptocurrency trading transactions at the time came from trading on dogecoin, which was originally made as a joke and was opponent by Elon Musk.

The stock broker’s cryptocurrency assets hit $ 22.7bn at the end of the period, 29 more than last year.

Robinhood sells retailers in a recent demonstration that cryptocurrency trading is critical to its global growth. The retailer is also planning to allow users to make their own money over and over again in cryptocurrensets.

Financial managers is developing their interest in a growing business. Security remains very little for injured consumers selling crypto.

Robinhood was overseen by regulators, combined with a “simple” user interface that uses commercial graphics to market and enables the purchase and sale of stocks and cryptocurrencies within seconds.

The wallet was announced to Robinhood customers with a push notification that contained five “emoji”. The dealer of the agencies also sent a link to a video from sitcom Seinfeld and the face of Robinhood colleague Vlad Tenev’s face was raised to George Costanza’s character, as Costanza pulled out a leather bag full of his back pocket.

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