Robinhood customers on the waitlist will begin testing wallet-like interfaces for Web 3.0 crypto wallets in October. The information was disclosed by Aparna Chennapragada, the online broker’s chief product officer.
What @aparnacd said https://t.co/EKyFY47I74
— Robinhood (@RobinhoodApp) September 22, 2021
According to the executive, the company plans to survey crypto users and begin testing among a small group of respondents to gather feedback.
The rollout of this functionality for all customers is planned to be completed in 2022.
Crypto wallets are expected to include security features such as identity verification, email and phone verification, and multi-factor authentication.
“This is a natural step for us as we think about democratise finance. Wallets will play a key role. We are not first in the market — we are not rushing. We will move forward in steps,” said Chennapragada.
The wallets will allow users to trade, send and receive cryptocurrencies within the app. At present, users can only buy/sell digital assets for fiat.
As a reminder, the share of digital asset trading in the company’s revenue for the second quarter rose from 17% ($88 million) to 41% ($233 million) for January–March.
In March 2021, co-founder and CEO Vlad Tenev stated that the platform, in short order plans to add wallet functionality. In May, COO Christine Brown confirmed the imminent emergence of the ability to withdraw digital assets.
Earlier, Bloomberg discovered in the company’s iOS app code a test solution to protect users from cryptocurrency volatility. The platform rolled out the feature in mid-September.
On July 29, the online broker went public. In the run-up to this event, Tenev described digital assets as the foundation of Robinhood’s future development and confirmed the need for a crypto wallet.
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