Robinhood is reportedly working to launch its own cryptocurrency wallet that allow its users to move their crypto assets without having to sell them first.
Earlier this year, while many crypto exchanges didn’t noticed Robinhood, a commission-free trading app started offering free cryptocurrency trading. Seemingly, they are more likely to now. At that time, customers were supposed to sell their cryptocurrencies in order to transfer their crypto assets. It means they first have to move the money to required platform. Later, make a choice of cryptocurrencies to buy.
According to recruitment consultants, Greenhouse, Robinhood is aiming to launch its own cryptocurrency wallet. Therefore, its own new crypto wallet will allows its customers to transfer their cryptocurrencies from brokerages and other wallets to the platform without selling them first.
The New Cryptocurrency Wallet: Features and Threats
Currently, Robinhood holds $5.6 billion customers of the firm, that has been constantly researching different ways. However, moving cryptocurrencies into the app. Moreover, its main intention is to have own crypto wallet to move cryptocurrencies around, in a more secure way of storing.
The Job Advert reads that Robinhood is looking for a ‘Crypto Engineer’, who is the core at adding the new features to the crypto product of the company.
“As a Crypto Engineer you’ll: Build out new functionality for our crypto product. Such as adding new currencies or providing wallet functionality”.
Traditional Investments to Cryptocurrency
Robinhood was found five years ago which was mainly focuses on investors, US stocks, options and exchange-trade funds. Earlier in February, 2018, the Robinhood app started allowing users to buy and sell Bitcoin and Ethereum without add-on transaction fees. The app was also active in Missouri, California, New Hampshire, Montana.
Later it was declare its expansion to countries including Indiana, Mississippi, Colorado, New Mexico, Utah, Michigan, Wisconsin, Virginia and Texas (the recent one).