The long-awaited feature of cryptocurrency wallets and transfers on Robinhood Markets Inc (NASDAQ:HOOD) could be coming soon.
What Happened: Robinhood is testing crypto wallets and crypto transfers on its app, according to Bloomberg.
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The new feature would allow users the ability to send and receive cryptocurrencies supported on the app like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
A beta version for the Robinhood app on Apple Inc (NASDAQ:AAPL) iPhones shows a waitlist page for signing up for a crypto wallet feature from the company. Bloomberg also reports that code referencing cryptocurrency transfers was found in the app.
Robinhood also teased crypto wallets on Twitter on Monday, asking users “What is one product feature you would love to see and why wallets?” The post was retweeted by Vlad Tenev with a gif of John Travolta looking around from inside a wallet.
https://t.co/zz0zo2dzLa pic.twitter.com/pVUAx7y23I
— VLAD (@vladtenev) September 20, 2021
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Related Link: Robinhood Markets Says Working On Crypto Wallets But Doing So At Scale Is Difficult
Why It’s Important: Many cryptocurrency fans have called out Robinhood for not offering wallets and used the phrase “Not your keys, Not your coins.”
Robinhood had discussed adding wallets earlier this year but was also cautious explaining they want to do it right.
Having crypto wallets integrated on Robinhood would allow users to use cryptocurrencies without having to convert them to dollars.
The move by Robinhood could also place pressure on Coinbase Global Inc (NASDAQ:COIN), which has likely benefitted from dissatisfaction surrounding Robinhood’s existing crypto policies and limited offerings.
Price Action: HOOD shares were down 4% to $40.70 on Monday and saw a slight jump on the news report from Bloomberg in after-hours trading.
Photo: Courtesy of Robinhood.