Two days after reports emerged that Robinhood was testing a new crypto wallet, the company made it official: Crypto wallets will begin rolling out next month.
“Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps, send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account,” the trading platform said in a blog post on Wednesday (Sept. 22). “This means you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more.”
The company says the wallets are designed with security features that include identity verification, multi-factor authentication, and email and phone verification to protect coins from hackers and other threats.
Meanwhile, Robinhood said its recently launched cryptocurrency investments program is now available to all crypto customers, allowing them to purchase their favorite coins with no commission for as little as $1.
“We know that the crypto markets can be volatile, so we’ve introduced this feature to help you focus on long-term growth, reduce risk and lower the stress of timing the markets,” the blog post said. “With other platforms charging as much as 4% on each trade, this kind of practical investing strategy isn’t practical anywhere but Robinhood.”
The news comes soon after Robinhood reported that 63% of its accounts engaged in crypto trading within the past year, with 62% of that trading coming from dogecoin.
Speaking on an earnings call, Robinhood said there had been a “ton of enthusiasm” for crypto in general and crypto wallets specifically. Users also showed enthusiasm for withdrawal and deposit functionality.