Robinhood logo displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland on June 29, 2021 (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
On Wednesday, Robinhood Market Inc. announced plans to start testing crypto wallets. The company will begin the testing in October and envisages a rollout by next year.
Robinhood is an American financial company that enables commission-free trades of stocks and exchange-traded funds via its mobile platform. Its platform also currently allows the sales and purchases of selected cryptocurrencies like Bitcoin; these selected cryptocurrencies can be moved in and out of the brokerage account of users.
The decision to introduce cryptocurrency wallets is a huge relief for users who have been demanding them. A Robinhood wallet would provide them with wider access to the blockchain ecosystem which includes cryptocurrency and the booming Non-Fungible Tokens (NFTs).
In an interview, Robinhood’s Chief Product Officer Aparna Chennapragada told the public that “this is the natural step for us when we think about democratizing finance for all, being able to have a lot more people from a lot of different contexts participate in this emerging market, and wallet are the key”. The company’s plan is to carry on a survey to ascertain what users want. The survey will involve its current crypto-trading customers which make up almost 60 percent of its total users. A small group of respondents will be chosen to test the wallets and provide feedback.
Robinhood has major plans for the wallet. It plans to include important security features such as multi-factor authentication, identity verification, phone, and email verification amongst others. “One of the things we’re trying to do is make sure that this is built safely, built securely”, Robinhood’s Chief Product Officer Aparna Chennapragada added.
The need for security features for crypto wallets cannot be overemphasized as users need to be protected from hackers who are out to steal these assets.
Robinhood plans on maintaining its zero commission policy for trades even after launching its wallets by next year. Robinhood promises to continue to offer quality services to customers even as it makes improvements.
