Robinhood, a popular US investment app, is now testing a wallet for cryptocurrencies, Bloomberg reported on the 21st.
According to media reports, Robinhood’s beta app is displaying a reservation window for cryptocurrency wallets on Robinhood’s iPhone app along with a hidden image that shows a waitlist page for users looking to sign up.
The current Robinhood app allows users to trade in digital currencies but does not allow deposit or withdrawal of any kind.
The plan to implement a wallet function in the app was first announced in February of this year. Along with this, the company also announced plans to start handling cryptocurrencies in kind.
Robin Hood has a large number of young US investors as clients, and profits from cryptocurrency trading continued to be strong this year. Over 60% of its trading came from Dogecoin.
It also reported monthly active users totaling 21.3 million from 17.7 million since the beginning of 2021. In its second quarterly report, it was found that the profit ratio of digital currencies accounts for about 52% of the total transactions.