Robinhood To Test Crypto Wallet With Blockchain Transfers Next Month

Stock and cryptocurrency exchange Robinhood announced its users will soon be able to send and receive crypto to and from outside wallet addresses.

What Happened: According to a Wednesday Reuters report, Robinhood plans to start testing its cryptocurrency wallet features next month ahead of a broader rollout in early 2022. The new features will enable the exchange's users to move the supported cryptocurrencies between their accounts and external wallets.

Currently, Robinhood allows its users to buy, sell and hold numerous cryptocurrencies but without the ability to move them to outside wallets or deposit them from outside wallets. The exchange's customers have been requesting crypto wallet features for a while in order to participate in the booming non-fungible token and decentralized finance markets.

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Robinhood’s Chief Product Officer Aparna Chennapragada said in an interview that implementing crypto wallet functionality is "the natural next step" for the company. She claimed adding those features helps the company "have a lot more people from a lot of different contexts participate in" the crypto market.

Robinhood will survey its cryptocurrency trading customer — 60% of the firm's 21.3 million active customers — and pick a small group to test the new features and provide feedback. The users who were not selected will also be able to join a waitlist to be prioritized in the phased rollout.

Image: Robinhood