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The Robinhood stock trading and investment app has reported new functions, including a crypto wallet and cryptocurrency transfers. "The possibility of paying in and withdrawing cryptocurrencies is difficult due to the size, and we want to make sure that this is done correctly and properly."
Robinhood adds crypto wallet and transmission functions
The Robinhood investment app tests "quietly" several new functions, reported Bloomberg on Monday and described:
Robinhood Markets Inc. tests new crypto wallet and cryptocurrency transfer functions for its app.
Evidence of the new functions had appeared in a beta version of Robinhoods iPhone app, said the publication and added that the planned offers were discovered by software developer Steve Moser.
Vlad Tenev, CEO of Robinhood, said beforehand that adding a crypto wallet was a priority for the company's developers, but did not state when the start would take place. He said at the telephone conference for the second quarter of the company:
Our teams work on it. The possibility of paying in and withdrawing cryptocurrencies is difficult due to the scaling, and we want to make sure that this is done correctly and properly.
tenev found that these functions are particularly in demand at Dogecoin enthusiasts (Doge).
cryptocurrency trade on Robinhood reached record values in the second quarter of all transaction-based Sales. In particular, the Meme cryptocurrency Dogecoin made 62 % of the crypto trade volume in the second quarter.
The new crypto features are tested as part of an "alpha program", as information shows in the code of the Robinhood app. In the publication, it was also pointed out that the company also revealed the company's plans for "Spare Change Investments and an early deposit option for checking accounts".
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