Robinhood working on crypto wallet and transfer features

Karthik Subramanian

Robinhood, the trading platform that is loved by the latest generation of traders and investors, has been trying out the use of crypto wallets and also transfers through them.

The idea seems to be able to facilitate the deposit and withdrawals of cryptocurrencies through the wallet without the need to convert them into USD at any point in time. It should be noted that the platform had introduced crypto trading last year and there has been a tremendous interest to trade cryptos on the platform as is evident from the increasing trading volume in the crypto segment which has helped it to boost its revenues over the past few months.

It is reported that the features have appeared in a beta version of the iPhone app of Robinhood and the introduction of the crypto wallet shouldn’t be a surprise as it is likely to naturally follow post the introduction of crypto trading in any platform. It would be interesting to see how the SEC would view this wallet and associated crypto activities as the regulator has not been kind to other crypto platforms like Binance and Coinbase over the last few months and it would be necessary for them to apply the same standards for Robinhood as well.

The company reported that 63% of its accounts have traded crypto ever since its introduction on the platform which shows the interest among the latest generation of users to trade crypto owing to its volatility. Little do they realize that such volatility poses a lot of risks also for the traders and this is something that should concern the regulators as they need to make sure that the platform is educating the traders and investors in the right manner about the risks associated with crypto trading. The platform has also reported that the number of monthly active users had risen to 21.3 million in August which is more than the 17.7 million active users at the beginning of the year.

The platform continues to grow and expand and add new features despite the increased scrutiny from the SEC and also attempts from the regulator to shut down some of its marketing and revenue-generating practices over the last few months. Its user base continues to grow despite a lot of bad press and this is likely to benefit it in the long term as it will be looking to generate some strong profits and trading volumes in the coming months to close the year in the green.

Read this next

Digital Assets

Celsius to repay +70% of custody account holders’ claims

A New York bankruptcy judge today approved a deal struck between troubled crypto lender Celsius Network and its “custody account holders” that will allow them to begin immediate withdrawals of 72.5% of their claims.

Retail FX

eToro revenue halves in 2022, valuation drops to $3.5 billion

Israeli social trading network eToro today reported financial results for the financial year ended December 31, 2022.


Investors transfers $424 million out of bitcoin funds in six weeks

Despite bitcoin’s decent surge last week, which took the primary cryptocurrency up 70% from the year’s low, digital asset investment products saw outflows for the 6th consecutive week.

Digital Assets

OKX has $9 billion in ‘clean assets’, shows latest proof of reserves

OKX, formerly known as OKEx, has released its fifth proof-of-reserves report amid increasing demand of crypto investors asking for transparency from exchanges they trade with.

Digital Assets

Circle seeks France license to launch Euro stablecoin

Circle, the issuer of the second-largest stablecoin by market capitalization, is seeking to get a dual registration in France as it aims to on-shore its flagship product for the European market – EUROC – a reserve-backed stablecoin.

Digital Assets Among Minority of Successful Companies to Renew Coveted Estonian License has successfully renewed its virtual currency service license from Estonia’s FIU for the third year in a row, despite regulatory changes that have made it harder for virtual asset providers to meet the required standards.

Inside View, Institutional FX

Time for brokers to add options trading as volumes explode on high volatility

“Usually, adding options to the typical CFDs and equities offering leads to fragmentation of the platform technology as many brokers will need additional back-end and front-end components, and that could be an important barrier for them. Apart from that, legal hassle and costs associated with proper licensing of market data could be a barrier at first. We are seeing this trend among market data vendors and exchanges to make it easier and more affordable.”

Metaverse Gaming NFT

GCEX’s DeFi education and prime brokerage offering available in DubaiVerse

“We are excited to be part of the developments of The Sandbox and to join other top players in the region, including our regulator, Dubai’s Virtual Asset Regulatory Authority (VARA), as part of the DubaiVerse. This is a great opportunity to bridge the gap between Web3 early adopters and GCEX clients, building a community around Web3 and digital assets.”

Digital Assets

Circle wants Fed to back USDC stablecoin after “very serious stress test” with collapse of SVB

The collapse of Silicon Valley Bank allegedly proves Circle’s point that there is a need for its USDC stablecoin to be backed by the U.S. Federal Reserve with its U.S. dollars held at the Fed.