Robinhood is testing a new feature on its app that would enable users to trade and store cryptocurrency in digital wallets, according to Bloomberg. People interested in beta testing the new feature can sign up soon, though the official release won’t come until 2022. Shares in Robinhood Markets, Inc. already jumped nearly 11% after the announcement of testing crypto wallets next month.
Robinhood Markets, Inc. is testing new crypto wallet and cryptocurrency transfer features for its app, Bloomberg reported on Monday. It’s already possible for Robinhood customers to buy and sell crypto such as Bitcoin, but the new features would allow them to manage all their cryptocurrencies in a digital wallet on the app.
Robinhood could also give users the option to enable two-factor authentication to use the new feature. Programmer Steve Moser discovered Robinhood’s planned offerings. Code in a beta version of the company’s iPhone app revealed that the features are part of an “alpha program” and that the enrollment page for the feature requires an identity check, according to Bloomberg.
“We’re not first to the market — we’ve been taking our time to make sure that we build this in a phased approach,” Robinhood chief product officer Aparna Chennapragada told CNBC in a phone interview. “We’ll have a few customers come in, iterate on the product, get the customer feedback and then expand from there.”
Robinhood said the wallet for cryptocurrencies like Bitcoin, Ether, and Litecoin will roll out early next year. But users will soon be able to add their names to a waitlist to become a beta-tester.
“We will be rolling out to a beta group of initial customers in the coming month. And we’re going to be building in public, so those users are going to get an early version of the app. We’re going to be looking to them for feedback and first experiences, and it will help iterate and drive the final product that we produce,” said Christine Brown, Robinhood’s chief operating officer.
“Beyond this next month, we will be rolling out to users on our waitlist through early 2022,” she added.
According to Investopedia, shares in Robinhood Markets, Inc. (HOOD) has jumped 10.9% Wednesday after the brokerage firm said it will begin testing crypto wallets with select clients next month. If all goes to plan, it hopes to undergo a broader rollout in early 2022, which would allow customers to transfer selected digital currencies in and out of the Robinhood app.