Online broker Robinhood is developing a means to protect users from cryptocurrency market volatility. This was reported by Bloomberg, citing code found in a test version of the app for iOS devices.
"To protect your orders from price volatility, we can sometimes skip repetitive orders or buy at a lower amount than you choose," reads a message hidden in the beta version of the app.
The code states that the app will notify the user when this happens and will not spend more than the specified amount from the balance.
The company is also working on a feature that allows customers to invest after rounding up investments. Such services work as follows: the amount of each user's purchase is rounded up and the balance saved is invested.
Bloomberg has not been able to figure out where the funds will come from. Typically, such apps (Acorns, Chime and others) are connected to the user's debit or credit card. It is also unknown whether the broker's clients will be able to invest in cryptocurrencies in this way.
In the first quarter of 2021, Robinhood generated revenue of $522m (+245% YoY). Cryptocurrency transactions accounted for 17% of the company's total revenue, with a third of that coming from Dogecoin clients.
The online brokerage will list on the Nasdaq stock exchange on Thursday, 29 July. Its volume could exceed $2 billion.
As a reminder, during the roadshow in preparation for the IPO, the head of Robinhood Vlad Tenev called cryptocurrencies the cornerstone of the company's future development. He said that the app would have more functions related to digital assets.