According to Bloomberg, online broker Robinhood may soon launch a new cryptocurrency wallet. The corresponding program code appeared in the beta version of the Robinhood application for iPhone.
With the wallet, customers will be able to fund their account, withdraw cryptocurrency and conduct other transactions in digital currency without prior conversion into dollars. Users will be able to set up two-factor authentication to protect assets. Coinbase already has similar solutions, Binance and other companies.
Robinhood customers have been waiting for, when new features are added. On Say platforms, where investors can ask questions to the management of companies, question “Will Robinhood add a crypto wallet??"Became the most popular. Then the head of the company Vlad Tenev said, that Robinhood is working in this direction.
And even at the beginning of September broker added the function of automatic purchase of cryptocurrency on a schedule. Until recently, users could set up automatic purchase for stocks only and ETF.
Set-and-forget investing is a popular way to invest. The system buys an asset on a schedule for the amount, asked by the investor. This is useful, after all, inexperienced investors, including Robinhood customers, sometimes they buy on emotions and at unfavorable prices. Automatic purchases help average the price: enter the market as if on drawdowns, as well as during periods of growth. For volatile cryptocurrencies, this is a completely working way..
Expansion towards digital currencies is necessary for Robinhood. In August, the Securities and Exchange Commission warned, what can prevent a broker from selling data on clients' transactions in the stock market. Sale of transaction data is the main income of the company, which brings 80% proceeds. While the regulator only controls stock market, but not cryptocurrency.
Deal data brought Robinhood $450M in latest quarter. Of these, 217 million are stocks and options, 233 million — cryptocurrency. The company itself does not deny, that need business diversification.
Robinhood went public in the summer of 2021. Within a month and a half, the company's shares rose by 17%, from 34.8 to 40,7 $.
