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Robinhood Gains on Report It’s Testing Crypto Wallet, Transfer Features By Investing.com

Robinhood Gains on Report It’s Testing Crypto Wallet, Transfer Features © Reuters

By Dhirendra Tripathi

Investing.com – Robinhood stock (NASDAQ:HOOD) rose 4% Tuesday on a Bloomberg report that it is testing a new crypto wallet and cryptocurrency transfer features that would allow users to send and receive digital currencies through its trading app.

A beta version of its iPhone app showed the company’s work on such features, according to the report. There was also a hidden image showing a waitlist page for users signing up for the crypto wallet feature, as per the report.

Retail shareholders have long waited for a crypto wallet from the company.

In a move it announced on September 8 via a blog post, the company rolled out crypto recurring investments, allowing users to buy digital coins commission-free and with as little as $1 as per a schedule — daily, weekly, biweekly, or monthly — of their choice.

At $233 million, cryptocurrencies contributed to more than half of the $451 million revenue Robinhood earned from transactions on the platform in the second quarter. More than 60% of Robinhood accounts traded cryptocurrencies in the second quarter, the company said last month.