In the coming weeks, Robinhood will release a long-awaited application that enables its increased customer base to trade and acquire digital currencies. According to Bloomberg, a preview of Robinhood’s IOS app displayed the company’s most recent enhancements to the firm’s new digital commodity capabilities. It also revealed that there is a secret picture depicting a standing list for people anxious to get their paws on the software, as well as code relating to cryptocurrency transactions.
Examining Cryptocurrency in Further Detail
Customers of Robinhood may currently purchase and sell digital currencies on the site, but they must first change their cryptocurrency holdings to and from US dollars. Customers will be able to transfer digital currencies to one another directly through a software application, as well as established two-factor verification for further protection.
Adding cryptocurrency wallets is a primary concern for Robinhood engineers, according to the company’s CEO Vlad Tenev, who indicated that they are working directly on it. “It is difficult to implement the capability to input and receive digital currencies on a massive scale, but we want to ensure that it is done appropriately and thoroughly.”
He did not provide a specific opening date, however, the prototype app leak implies that it will not be too long until the app is released. According to the article, users of the new services would be required to enable cryptographic sending and receiving, and the application form will need an identity check before accessing it.
In a report published on September 11, CryptoPotato stated that Robinhood has introduced support to attract longer-term Bitcoin purchasing. Using the zero-fee recurrent purchase option, customers may plan electronic asset purchases for periodic intervals with prices starting at only $1. The tool is available to all users. Investors will be encouraged to develop their digital currency holdings over time and to “become a full coiner,” according to Robinhood’s statement.
Crypto-Hungry Robinhood Customers
The exchange of cryptocurrencies has become one of the most major sources of revenue for Robinhood in the year. Per the firm, Dogecoin is the crown gem of the cryptocurrency world. It revealed that DOGE transactions generated $233 million in digital revenue in the second quarter, accounting for 62 percent of the total. It went on to say that cryptocurrency exchange accounted for over half of all money transfer income generated on the platform. It warned that Q3 would be less successful than the previous quarter, citing “seasonal challenges and decreased trade volume throughout the sector.”
In the two months after its all-time high of little more than $70 in early August, Robinhood stock prices have already plummeted by 43 percent. According to Yahoo! Finance, they are presently selling at $40.70, down 1.68 percent from Monday’s opening price of $40.70.