Popular provider of stock trading app Robinhood recently announced intentions of delving further into cryptocurrencies, by offering crypto wallets to app users. The new feature won’t be officially released until next year as the feature will be up for beta testing by next month.
During the testing stage, shortlisted Robinhood app users for will have the capability to send, receive, and trade crypto tokens by using the app’s crypto wallet. Apparently, the feature has been highly requested by users as around 60% of their users bought cryptocurrencies like Bitcoin and Dogecoin during the past quarter, However, Robinhood customers who do so, have been unable to send and/or trade their crypto assets elsewhere.
Robinhood’s COO Christine Brown expounded that they have developed an app feature that customers participating in cryptocurrency transactions have been requesting for quite some time. Giving in to the clamor will actually open up opportunities for Robinhood to take part in the crypto space, allowing the stock trading app to compete against leading crypto exchange site Coinbase.
Is the Forthcoming Robinhood Feature Free?
The Robinhood crypto wallet will be free as the company wants to make it easy and affordable for their users to take part in the crypto market, using a crypto wallet that works similarly to the one offered by Coinbase.
However, users should take note that they will still be required to pay related fees for any cryptocurrency transactions made using the app, including transfers of digital assets to the crypto wallet.