Yahoo Finance Robinhood to begin testing crypto wallets
Robinhood, the popular stock trading app that sparked a trading revolution and help make meme stockS a new phenomenon, is making a deeper move into cryptocurrencies.
The company will begin testing cryptocurrency wallets next month, with a plan for a broader rollout next year, Robinhood revealed on Wednesday.
The wallet will allow users to transfer supported digital currencies in and out of their brokerage accounts, permit users to make actual purchases directly from the wallet, and allow them to participate more broadly in the blockchain eco-system like buying NFTs or non-fungible tokens.
The change has been the most requested by Robinhood's customers.
Right now app users can only buy, sell, or hold certain cryptocurrencies, like bitcoin and dogecoin.
Cryptocurrency trading has surged so much on Robinhood that last quarter it exceeded stock trading on the app for the first time.
Investors are eager to see the app diversify its source of revenue after a disappointing market debut in July.
The stock is up 15 percent from its IPO price, that's a meager gain compared to other IPOs.
