Robinhood App Users Will Soon Be Able to Withdraw Cryptocurrency
Robinhood is testing a cryptocurrency wallet feature that will allow the app users to withdraw cryptocurrency.
As reported by Bloomberg, at the moment the withdrawal interface in the beta version of the wallet function in the Robinhood iOS app is just being developed.
At the moment, Robinhood users can only buy cryptocurrency with USD and trade digital assets on the platform, as the app does not support cryptocurrency deposits and withdrawals.
On August 19, Robinhood CEO Vlad Tenev announced that the company is finally exploring the possibility of introducing a cryptocurrency wallet.
Robinhood first launched Bitcoin and Ethereum trading services in 2018 for clients in five US states. Since then, Robinhood has expanded its support for altcoins and currently allows traders based in all but four US states to access its cryptocurrency features.
Crypto services became a significant part of Robinhood‘s revenues in 2021, and the second-quarter report shows that around 41% of the $565 million in profits from cryptocurrency trading. In contrast, the company received $5 million from cryptocurrency trading for the entire 2020.
Earlier this month, the company expanded its cryptocurrency offerings by launching a recurring cryptocurrency investment feature, allowing users to enter an Average Dollar Value (DCA) in a crypto position.