Robinhood ‘testing cryptocurrency deposits and withdrawals’

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.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.