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Robinhood launches beta phase for digital wallets

Should I buy Robinhood IPO
Should I buy Robinhood IPO

Robinhood is expanding further into the cryptocurrency market. The stock and crypto trading application is now seeking to launch a digital wallet feature. The feature will be unveiled at the beginning of next year.

This year, Robinhood has enjoyed major growth following the exchange’s listing of Dogecoin. It became one of the leading exchanges following an influx in DOGE trading volumes.

Robinhood unveils crypto wallet

In a blog post released on Wednesday, Robinhood noted that the waitlist for the platform’s trading application had attracted tens of thousands of users. These users had signed up on the waitlist, and they will be given access to a beta version of the wallet from mid-January.

Robinhood further stated that the trading app has over 1.6 million users waiting for the wallet to be launched. The wallet will have a wide range of features that allow traders to deposit and withdraw Bitcoin, Ethereum, Dogecoin and other cryptocurrencies.

In September, Robinhood stirred excitement in the crypto market after it unveiled a digital wallet. The digital wallet feature has been on a testing phase over the past few months.

On November 22, the company announced that it had finalized the initial alpha transfer made using Dogecoin. The Chief Operating Officer at Robinhood, Christine Brown, stated that the beta launch for this wallet would focus on the security of users and offer education related to crypto transactions, gas fees and the network.

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The platform further said that ”while some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain. With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the crypto sphere for the very first time.”

Robinhood share price is down

The stock market has not been performing well in recent weeks. However, the stock of Robinhood has failed to react to the news of the company launching a digital wallet feature.

Robinhood went public in July. The stock has not been performing well over the past few months. On August 4, the stock reached a record high of $70.39. However, it has since dipped, and at the time of writing, it was trading at around $17.11. This reflects a notable dip of over 70%.

The exchange also suffered a major blow in trading volumes after the meme coin hype died down. This resulted in a notable drop in revenues.

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