As per the latest reports, a waitlist for cryptocurrency wallet testing has been opened up by Robinhood. The particular cryptocurrency wallet has reportedly been launched for Robinhood users. Through the wallet, the users will be able to hold and store their cryptocurrency tokens.
The announcement by Robinhood confirming the launch of the cryptocurrency wallet was made on Wednesday, September 22, 2021. In the announcement, Robinhood has confirmed that they are currently testing the new feature to be introduced on their platform.
Robinhood has confirmed that the new application will be launched in the month of October. With the launch of the application, the investors on the Robinhood platform will be able to receive and send cryptocurrencies.
Robinhood executives have stated that they are hoping that with the launch of the new application, they will be able to bring more and more people to the crypto platform.
According to the executives, the new application may play a role in encouraging more investors to use Robinhood for cryptocurrency trading.
For now, the users on the Robinhood platform are only able to use the United States dollar (USD) for the acquisition of cryptocurrencies. However, the users cannot interact with the cryptocurrencies they purchase on Robinhood.
At present, the only ability the users have is to use the USDs to purchase the cryptocurrency they prefer and sell it afterward to make profits.
Even the profits they make are in the form of USDs and they can perform the withdrawals as per their will.
Despite announcing the testing of the cryptocurrency wallet, Robinhood has not confirmed which cryptocurrencies the users will be able to use through the new application.
As of now, the cryptocurrency trades Robinhood permits through its platform include Ehtereum Classic (ETC), Dogecoin (DOGE), Bitcoin SV (BSV), Litecoin (LTC), and Bitcoin Cash (BCH), Ether (ETH), and Bitcoin (BTC).
Robinhood has confirmed that once launched, the wallet will be offering too many services and benefits to the users. The users will be able to perform phone verification, email verification, multi-factor authentication, and identity verification. All these verifications have been introduced in the new application to provide more security to the platform.
According to Robinhood, their aim is to ensure that the platform is kept fully protected and safe from the likes of hackers and other security threats.
Right from the start of 2021, Robinhood has experienced a surge in demand for cryptocurrency trades. This happened because of the tremendous growth and success of the cryptocurrency sector across the globe.
Therefore, Robinhood has been trying to get the bigger piece of the pie out of the crypto-trend. So far, it seems that Robinhood is headed in the right direction with respect to the adoption of cryptocurrencies.