Robinhood users may soon be able to own their cryptocurrency

The controversial US exchange has been found testing crypto transfers
  • Robinhood has been revealed testing crypto wallet and digital currency transfer features
  • Bloomberg reported the most controversial crypto exchange is about to add the most awaited crypto feature
  • Robinhood’s users were only allowed to acquire and trade cryptos on the platform, it seems the clients will soon be able to transfer the funds

Robinhood is one of the leading and most popular cryptocurrency exchanges. The platform headquartered in the United States has remained a very controversial centralized cryptocurrency exchange. Although the platform never allowed its users to transfer their crypto holdings, it is observed it is planning to enable such transfers. On Tuesday it was revealed that Robinhood Markets Incorporation was testing new cryptocurrency wallet and crypto transfer features for its application. Indeed, it seems that the clients of the platform will soon be allowed to send and receive digital assets like BTC.

Robinhood tests the long-awaited cryptocurrency feature

A recent report published by the media outlet Bloomberg revealed that Robinhood teases crypto wallets. The article of Bloomberg cited that a beta version of its iPhone app showed that the firm is working on the most awaited feature. Moreover, it was also revealed that there was a hidden snap that showed a waitlist page for users signing up for a cryptocurrency wallet feature. Moreover, the report also claimed that the app also has code referring to crypto transfers. However, for further clarification regarding the features, the exchange platform declined to comment.

Robinhood’s users are only allowed to buy crypto

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In the current scenario, Robinhood only allows its clients to buy cryptocurrency. A user can acquire digital assets with US dollars and trade the virtual currencies in the platform only. Indeed, the recent application does not support any crypto deposits and withdrawals. Hence, the crypto traders on the platform have long badgered the firm to introduce deposit and withdrawal functionality for digital assets.

Notably, Vlad Tenev, the CEO of the exchange announced that the firm was finally exploring introducing a cryptocurrency wallet. He further underscored that he knows that there is a ton of enthusiasm from the digital assets community and the Dogecoin community in particular in getting access to wallets. 

Robinhood’s operators have bet big in the retail investor interest

A day before Robinhood announced its first quarterly results last month, the top question that arose from retail investors was whether the firm would get such a wallet. The platform’s operator has bet big on the retail trader’s interest in the cryptosphere. 

Moreover, earlier in September, the firm declared it would introduce cryptocurrency recurring investments, allowing users to acquire digital assets commission-free. Moreover, the users will be allowed to acquire such assets with as little as $1 on a schedule of their choice.

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