The Strategist

Robinhood launches cryptocurrency wallets

09/23/2021 - 06:34

Fintech start-up Robinhood, which has developed a popular app for retail investors, has announced plans to launch cryptocurrency wallets on its platform.
Testing of such a wallet will begin in November, and the new service should be available to all users in early 2022. A few days ago, Bloomberg reported Robinhood's plans to launch cryptocurrency wallets, citing sources.

Robinhood users are already able to buy and sell some cryptocurrencies, including Bitcoin, but the launch of cryptocurrency wallets will significantly expand the range of options available. For example, some users have complained that the service does not provide an option to truly own cryptocurrency in the app, exchange it with other users, buy NFT tokens etc. All of these options will appear when the cryptocurrency wallet is launched.

The decision reflects the fact that cryptocurrency transactions are taking a growing share of Robinhood's revenue: in the second quarter, such transactions accounted for more than half of the service's revenue from all transactions, compared to 3% in the same period in 2020.