Robinhood Seeks To Rival Coinbase With The Announcement Of A Cryptocurrency Wallet

Robinhood Seeks To Rival Coinbase With The Announcement Of A Cryptocurrency Wallet
фото показано с : zycrypto.com

2021-9-27 18:45

Robinhood has announced its expansion into cryptocurrency wallets that will allow users to send and receive cryptocurrencies in and out of the app.The platform stated that this feature will only be available to select customers.Robinhood’s decision to advance into wallets would potentially see it compete with cryptocurrency exchange, Coinbase.

Public brokerage Robinhood is set to experiment on cryptocurrency wallets with some users after increasing calls for the platform to incorporate them. The move came after a spike in cryptocurrency activity on the platform and now, the asset class contributes over 50% of Robinhood’s revenue.

Welcome, Cryptocurrency Wallets

Robinhood shares soared by 10.9% after the announcement that the company was testing cryptocurrency wallets. In a blog post, Robinhood stated that the feature will be available to some select clients starting next month and this addition will allow users to send, receive and move cryptocurrencies in and out of the Robinhood app. This decision will have the effect of giving users more control over their assets as the broker had previously come under fire for giving exposure to users but not offering ownership of the tokens.

Speaking with CNBC, Chief Product Officer Aparna Chennapragada said that since Robinhood is not the first in the market, it will be adopting a cautious approach. “We’ll have a few customers come in, iterate on the product, get the customer feedback and then expand from there,” she said.

When the feature is launched, users of the platform will be able to consolidate their tokens into one account offering a wider range of options to clients. The firm has stated that the new wallet will be packed with security features like multi-factor authentication and identity verification. Chennapragada also added that the move “is completely aligned” with regulators, signaling smooth sailing ahead.

New Rivals On The Block

U.S based cryptocurrency exchanges like Kraken and Coinbase already offer cryptocurrency wallets to their customers. The introduction of the feature by Robinhood is poised to take a piece of the market share controlled by Coinbase given its impressive metrics. The company only made a foray into cryptocurrencies three years ago and already has over 18 million customers with 9.5 million trading cryptocurrencies in the first quarter of the year.

Robinhood’s no-fee trading may be an incentive for some of Coinbase’s users to make the switch to the platform when the wallet feature rolls out. Coinbase’s plan for a lending platform has been abandoned after threats of a legal battle by the SEC but the exchange still has offerings that will help stave off potential competition.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

cryptocurrency robinhood platform stated app out cryptocurrencies

cryptocurrency robinhood → Результатов: 103


Robinhood to Rollout Crypto Wallets Early Next Year, Testing Starts Next Month

Robinhood plans to start testing cryptocurrency wallets next month, but a broader rollout won’t be coming until next year. The zero-commission retail brokerage said on Wednesday that apart from allowing buying, selling, and holding limited cryptocurrencies in its app, it will now start allowing its users to move these crypto-assets in and out of their […] The post Robinhood to Rollout Crypto Wallets Early Next Year, Testing Starts Next Month first appeared on BitcoinExchangeGuide.

2021-9-22 18:15


Robinhood, Abra and Other Industry Heavyweights Gearing Up for LA Blockchain Summit in November

Draper Goren Holm names Abra as title sponsor of their annual summit. LOS ANGELES, CA – September 1, 2021 – Draper Goren Holm, early-stage blockchain venture capital fund and producers of the world’s largest blockchain and cryptocurrency conference, LA Blockchain Summit, announced today that Abra will headline the November event as the title sponsor.

2021-9-3 10:51


Фото:

Robinhood Could Face Intense Competition From A Pair Of Chinese Brokers Looking To Offer Crypto Trading To Clients

Two trading apps in China, rivals to American platform Robinhood, are exploring a move into the cryptocurrency space as they seek expansion into the U.S market. According to a report from CNBC, the companies – namely Futu and Tiger Brokers – revealed they were in the process of applying for licenses for Singapore and America […]

2021-6-2 22:34


Crypto Companies Ripple & Coinbase Drop Out Of LinkedIn’s Top 25 Startups 2019 List

As cryptocurrency market makes a recovery, companies in the space have lost their spot on “LinkedIn Top Startups 2019: The 50 hottest U.S. companies to work for now,” list. In 2018 during brutal crypto winter, there were 6 companies part of this list including Coinbase, Robinhood, Ripple, Gemini, ConSenSys, and Axoni (in this order). This […]

2019-9-5 17:35


Фото:

Hackers fix 20 security flaws in cryptocurrency-related platforms in 2 weeks

White-hat hackers continue to rid blockchain projects of their bugs, having earned a minimum of $7,400 for fixing security flaws in popular cryptocurrency platforms like Monero and Stellar. Seven cryptocurrency-related projects dished out rewards to blockchain hackers for finding and patching 20 software bugs in the past two weeks (between March 14 and 28), according to HackerOne data reviewed by Hard Fork.

2019-3-28 20:27