Robinhood Set to Launch Stunning Crypto Feature Despite Bitcoin Setback
Financial services company Robinhood is set to launch cryptocurrency wallets to allow investors to transact crypto
The new feature will be tested among select clients from next month after users made the demand on social media
The move is being put in place despite a recent setback in the crypto market that has wiped over 10% of its market cap in the past week
Robinhood is set to introduce a feature that will allow users to have more control over digital assets on its platform.
The financial service company will begin testing “crypto wallets” with select clients from next month according to a blog post on its website.
The crypto wallet will allow users to trade, send, and receive Bitcoin and other cryptocurrencies, as well as transfer them out of the app.
Following the stunning announcement by the company on Wednesday, Robinhood shares went up 5%.
Recently, many users have taken to social media to complain about being exposed to crypto prices but denied opportunities to purchase them on the platform.
Robinhood’s chief product officer Aparna Chennapragada has disclosed the company intends to make this a phased approach.
The company would decide to expand on the feature based on feedback from customers after the initial test.
Chennapragada disclosed that clients will share their experiences with the feature over the blog and microblogging platform Twitter.
Robinhood’s new crypto feature comes despite the setback that the market has witnessed in the past week.
Cryptocurrencies took a dive alongside the entire stock market following news of Evergrande’s possible loan default.
On Monday alone, Bitcoin lost more than 7% of its value, and on Tuesday the flagship cryptocurrency further dropped below $40,000.
At the time of this report, Bitcoin is trading at $42,300, and the entire crypto market has a market cap of $1.8 trillion.