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.
Related Articles
Robinhood Gains on Report It’s Testing Crypto Wallet, Transfer Features
China Evergrande’s rising default risks shift focus to possible Beijing rescue
British employers offer more signing bonuses in tight labour market – survey
