Robinhood Confirms Crypto Wallet Testing Rumors

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Robinhood’s waiting list clients will start testing browser-like Web 3.0 crypto wallets already in October, Aparna Chennapragada, the director of products of the company, has announced.

According to her, the company intends to conduct a survey of crypto users and start testing among a small group of respondents to get some feedback.

The launch of this functionality to all customers is scheduled to be completed in 2022.

Crypto wallets offer security features such as identity verification, email and phone verification, and multi-factor authentication. She added:

“This is a natural step for us when we think about democratizing finance. Wallets will play a key role. We are not the first on the market – we are in no hurry. We will move forward in stages.”

The wallets will allow users to trade, send and receive cryptocurrencies within the app. At the moment, users can only buy/sell digital assets for fiat.

The share of digital assets trading in the company’s revenue in the second quarter increased to 41% ($233 million) from 17% ($88 million) in January-March.