Robinhood starts testing encrypted wallets, will this bring new growth points to its business?
Robinhood has grown so much this year thanks to the massive interest in Dogecoin. The trading platform recently disclosed,Crypto transactions accounted for 50% of its revenue in the second quarter of this year。
That number is expected to rise as Robinhood focuses its attention on Crypto, which is why the latest features that Robinhood is testing are so important to the company.
And one of the main reasons why investors choose this trading app is that users cannot transfer out their Crypto personally. This essentially meansInvestors care about their price on Crypto, not investing in Crypto itself。
If Robinhood rolls out its latest wallet feature, it could eliminate this problem entirely for users.
Bloomberg notes that the online brokerage is currently in the beta phase of the wallet,The wallet allows investors to transfer their Crypto out of the app。
According to reports,
According to reports,The exchange is testing its new wallet and transfer-out functionality, in order to integrate into its app, allowing users to transfer out the Crypto they purchased on the platform.
Reports indicate that the app will be in beta on the iPhone. Robinhood also provides users with a waiting list to be able to use this feature. However this means this won't be immediately available to all Robinhood users.
Not having a suitable Crypto wallet in the app is a pain point for users. This limits their Crypto transactions to one platform, and users cannot move their purchased Crypto.
Robinhood CEO Vlad Tenev explained that they are working hard to rectify this situation, and that providing Crypto wallets is the company's top priority,
"It's something our team is working on,The ability to store and withdraw Crypto is closely related to scale,We want to get it right. "
Essentially, the rise of Robinhood stems from the rise of Dogecoin. Although the company had been around long before the Dogecoin craze, due to its ease of use, it only really came to the forefront when users started buying MeMe on the platform.
In its second-quarter earnings report, Robinhood revealed,Of the 50% of revenue brought in by Crypto trading, Dogecoin trading accounted for 62% of the total volume。
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
