Consumer trading app Robinhood is testing new features which will enable users to deposit and withdraw cryptocurrencies, according to sources reported by Bloomberg.
Users will be able to sign up to a waiting list to access the new features according to the sources.
Robinhood users can currently trade and buy cryptocurrencies such as Bitcoin or Ethereum on the app, but these cannot be used for withdrawals or deposits.
The news comes after Robinhood chief executive Vlad Tenev said in the firm’s August quarterly earnings report that the firm was considering implementing a cryptocurrency wallet.
The US-based firm first launched cryptocurrency trading services in 2018 and as of August reported $565 million of crypto related revenue so far in 2021, 41 per cent of its overall revenue since the start of the year.
Robinhood’s userbase has grown strongly since the start of the pandemic, and in August, it announced it is seeking to triple its current valuation to $35 billion in its upcoming listing.
Robinhood is not the only large consumer facing financial institution to introduce cryptocurrency capabilities in recent months.
In August, Paypal announced the launch of a new service that enables UK customers to buy, hold, and sell cryptocurrency.
Latest News
-
UBS appoints chief AI officer to boost AI strategy
-
HSBC rolls out acquiring platform
-
Frasers Group uses ACP to complete direct purchases within genAI chatbots
-
BBVA’s bid for Sabadell collapses as chairman Carlos Torres vows to stay
-
Deutsche Bank, ING and Santander join Mastercard cyber defence exercise
-
Santander to merge Openbank and Santander Consumer Finance
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories