Robinhood users will soon be able to withdraw crypto assets for the first time
Robinhood, the retail trading platform, has recently tested a long-awaited feature in a digital wallet that enables users to make crypto assets transactions.
The new feature, according to Bloomberg, would let users send and receive crypto assets. Screenshots of the withdrawal feature and interface in a beta version were shown in Robinhood’s IOS app.
Although details are scarce, Bloomberg has also claimed that there is a waitlist where users can sign up for the new digital asset feature. The app shows a code “referring to cryptocurrency transfers,” as reported by Bloomberg.
At present, Robinhood users can only buy crypto with USD and trade digital tokens within the platform because the current version of the app doesn’t allow deposits and withdrawals.
Crypto traders in Robinhood have, for long, complaining about it to introduce a send and receive functionality for digital assets, along with deposits and withdrawals. Calls for the same has grown in 2021 as Dogecoin fans joined the platform.
Robinhood CEO Vlad Tenev, during its August 19 quarterly earnings call, had announced that the company was exploring into the cryptocurrency wallet.
Robinhood had initiated Bitcoin and Ethereum trading services for the first time in the year 2018 for users in five US states. Since then, it has expanded its altcoin support, currently enabling traders based in all but four US states from accessing its new crypto features.
According to its Q2 report, Robinhood’s revenue is significantly dependent on crypto services. The report revealed that around 41 per cent of its $565 million revenue was built from crypto trading. By contrast, the firm had generated $5 million from crypto trading in the whole year in 2020.
Robinhood has also expanded its crypto offerings this month through recurring crypto investment features that let users dollar cost average (DCA) into crypto positions.
An increasing number of mainstream firms are expanding their support for crypto for enabling digital asset payments. Very recently, AMC Entertainment disclosed plans for accepting movie ticket payments in Litecoin, Ether and Bitcoin Cash by early 2022.
On September 15, the software giant Adobe had also announced that merchants using its Adobe Commerce product would be able to accept cryptocurrency payments via Paypal soon from the last months of 2021.