Stock and cryptocurrency trading platform Robinhood is exploring a new feature that would better protect its customers against volatility in prices of cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Bitcoin (CRYPTO: BTC), Bloomberg reported Tuesday.
What Happened: The “price volatility protection” feature was discovered inside code hidden in a test version of Robinhood’s iPhone app, as per the report.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
See also: How To Buy Dogecoin (DOGE)
The proposed feature would modify certain crypto orders from customers depending on fluctuations in price but would inform customers when this happens.
Why It Matters: News about the proposed new features comes ahead of Robinhood’s stock market debut on Thursday.
It also comes amid the continued volatility in cryptocurrency prices. Analysis from eToro USA and TIE indicated that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s Twitter comments caused the price of Bitcoin to fall and Dogecoin to rise in an extremely volatile second quarter.
See Also: Why Robinhood IPO Investors Are Facing 'Alarming Risk'
Robinhood revealed earlier this month that its business could be significantly impacted if the price of Dogecoin declined. The trading app noted that the meme cryptocurrency made up 34% of its cryptocurrency transaction-based revenue in the first quarter of this year.
It was reported last week that Robinhood’s crypto subsidiary faces a $30 million fine after a money-laundering probe conducted by New York state investigation authorities.
Price Action: Bitcoin is up almost 8.1% during the last 24 hours, trading at $40,038.05 at press time, while Dogecoin is trading almost 2.5% higher at $0.2057 over the last 24 hours.
Photo: Courtesy of Robinhood