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Robinhood Set to Introduce New App Feature that Might Allow Users to Withdraw Crypto

UTC by Juhi Mirza · 3 min read
Robinhood Set to Introduce New App Feature that Might Allow Users to Withdraw Crypto
Photo: Depositphotos

Earlier, the CEO of Robinhood Vlad Tenev revealed that the company is looking forward to exploring options that might accelerate their crypto proceedings.

Robinhood is test running a new app feature that will enable the users to send and withdraw cryptocurrency such as Bitcoin in near future. As per Bloomberg, the publication has claimed that they have received screenshots of the Beta version of their iOS app that displays their withdrawal option screen. The publication also asserts that they have seen a waitlist where users will be able to register for the new digital wallet feature.

Robinhood to Consider Expansion of Its Crypto App Features

Robinhood primarily offered crypto trading facilities as well as an additional option where users were able to buy crypto with US dollars. Since the cryptocurrency index has been constantly expanding, many users and crypto investors have long been requesting the firm to introduce a facility that makes crypto withdrawals and transfers much simpler and easier to conduct. The requests have multiplied over the years as dogecoin proponents have also started using the platform.

CEO of Robinhood, Vlad Tenev, in a quarterly earnings meeting held on August 19, had commented that the company is looking forward to exploring options that might accelerate their crypto proceedings. Tenev further explained that they are excited to introduce their new crypto feature, now that they have many diverse crypto fans and enthusiasts interested in crypto trading using their independent wallet facility.

Robinhood had made an announcement in February that stated that they might introduce a crypto wallet feature owing to the growing demand to conduct smooth crypto withdrawals. The company also stated that they would include dogecoin among others as a potential cryptocurrency available for deposits and transfers.

Robinhood first ventured into the domain of cryptocurrency in 2018. The firm allowed the users to trade using Bitcoin and Ethereum in five US states. Now the company has successfully expanded its portfolio and has also introduced altcoin trading on its platform. Robinhood’s crypto proceedings have fetched a significant amount of revenue over the years. Its Q2 earnings reports have shown a surge of revenue with 41% of $565 million derived solely from crypto trading. Continuing the trend of expansion, the company had earlier introduced a DCA (dollar cost average feature) on its platform to keep the crypto investors occupied and engaged.

Robinhood is not the only platform that is planning to introduce independent digital asset payment methods. As per the recent reports, AMC Entertainment has also enabled an option where users can buy movie tickets using BTC, Ether, and Litecoin. Other than that, Computer software company Adobe had also launched a new feature that allows merchants to accept payments in crypto via PayPal if they are using its Adobe Commerce product.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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