Robinhood's waitlist customers will start testing browser-like cryptocurrency wallets for Web 3.0 in October. This was announced by the online broker's product director Aparna Chennapragada.
Robinhood leaning a little further into crypto this morning...out with some news on a crypto wallet feature. The company's Chief Product Officer @aparnacd joined @Kr00ney live from San Francisco with all the details. $HOOD
According to a senior executive, the company plans to conduct a survey of crypto users and begin testing among a small group of respondents to get feedback.
The rollout of this functionality to all customers is expected to be completed in 2022.
Cryptocurrencies involve security features such as identity, email and phone verification, as well as multi-factor authentication.
"This is a natural step for us as we think about the democratisation of finance. Wallets will play a key role. We are not the first in the market - we are not in a hurry. We will move forward in stages," Chennapragada said.
The wallets will allow users to trade, send and receive cryptocurrencies within the app. At the moment, users can only buy/sell digital assets for fiat.
To recap, the share of digital asset trading in the company's Q2 revenue rose to 41% ($233m) from 17% ($88m) in January-March.
In March 2021, Robinhood co-founder and CEO Vlad Tenev said that the platform plans to add wallet functionality in a short timeframe. In May, COO Christine Brown confirmed the imminent availability of digital asset withdrawal.
Bloomberg had earlier discovered a test solution in the company's iOS app code to protect users from cryptocurrency volatility. The platform launched the feature in mid-September.
On July 29, the online broker went public with its IPO. Ahead of the event, Tenev called digital assets the foundation of Robinhood's future development and reiterated the need for a cryptocurrency wallet.