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Sept. 24, 2021, 11:12 a.m. EDT

Robinhood doubles down on cryptocurrency with new wallet offering

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By Weston Blasi

Robinhood Markets Inc. /zigman2/quotes/228268942/composite HOOD -3.59% is rolling out a new feature that will allow users to use a crypto wallet and make cryptocurrency transfers on its app, the company confirmed to MarketWatch.

Crypto wallets are digital storage areas where people can safely keep digital coins . Digital coins that trade on Robinhood, including bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.72% , ethereum /zigman2/quotes/108573964/realtime ETHUSD +0.0031% and dogecoin /zigman2/quotes/226077044/realtime DOGEUSD +0.42% , will be able to be stored in the crypto wallets, according to Robinhood.

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While it’s already possible for Robinhood users to buy and sell cryptocurrency, this would be the first time account holders can manage all of their crypto holdings through a wallet inside the app. Other companies including Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN -8.38% and Gemini Trust Co. offer crypto wallets.

“Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps,” the company announced . “Send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account.”

See also: Why the debut of tipping bitcoin on Twitter isn’t just about tipping

Robinhood’s crypto wallets will debut in October for some users and will be available to 100% of account holders in early 2022, a company representative told MarketWatch.

The announcement comes a few days after Robinhood began allowing users to set up recurring buys for cryptocurrencies .

Prior to this announcement, Robinhood users were only allowed to set up automated buys for stocks and ETFs, not cryptocurrency.

More than half of Robinhood’s $565 million transaction-based revenue came from cryptocurrency trading during the last quarter. Last week, Robinhood warned any user thinking about buying cryptocurrencies that “crypto markets can be volatile.”

Robinhood’s stock, which debuted in late July on Nasda q, was up 2.86% during Wednesday trading.

US : U.S.: Nasdaq
$ 10.74
-0.40 -3.59%
Volume: 11.17M
Feb. 3, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$9.45 billion
Rev. per Employee
US : CoinDesk
-164.99 -0.72%
Volume: 0.00
Feb. 6, 2023 1:19a
US : Kraken
+0.05 +0.0031%
Volume: 50.08M
Feb. 6, 2023 1:21a
US : Kraken
+0.0004 +0.42%
Volume: 11.56M
Feb. 6, 2023 1:20a
US : U.S.: Nasdaq
$ 74.63
-6.83 -8.38%
Volume: 37.13M
Feb. 3, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$16.94 billion
Rev. per Employee

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