The online broker Robinhood is developing safeguards for users against volatility in the cryptocurrency market. Bloomberg reports this, citing code discovered in the test version of the iOS app.
“To protect your orders from price volatility, we may at times skip recurring orders or buy for less than you selected,” the message hidden in the beta version of the app states.
The code indicates that the app will alert the user when this happens, and will not spend more from the balance than the specified amount.
The company is also working on a feature that would allow clients to invest funds after rounding up their spending (round up investments). Such services work as follows: the amount of each user’s purchase is rounded up, and the saved surplus is invested.
Bloomberg was unable to determine what sources funds would come from. Usually such apps (Acorns, Chime and others) connect to the user’s debit or credit card. It is also unclear whether clients of the broker will be able to invest in cryptocurrencies this way.
In the first quarter of 2021, Robinhood posted revenue of $522 million (+245% YoY). 17% of the company’s total revenue came from cryptocurrency transactions, a third of this amount was from customers’ Dogecoin transactions.
On Thursday, July 29, the online broker’s securities will be listed on the Nasdaq stock exchange. The offering could exceed $2 billion.
During the roadshow ahead of the IPO, Robinhood chief executive Vlad Tenev described cryptocurrencies as a cornerstone of the company’s future development. He said the app would include more features related to digital assets.
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