Financial services company Robinhood Markets Inc (HOOD) will begin rolling out crypto wallets next month according to a blog post on Robinhood’s website.
The wallet will allow investors to trade, send, receive, and hold cryptocurrencies as well as move cryptos in and out of the Robinhood app. According to Robinhood, this will allow users to consolidate their coins in a single account, making it easier for clients to track their portfolios.
Crypto exchanges and Robinhood rivals Coinbase and Gemini already offer similar features. Robinhood plans to make its wallet feature available to all of its customers early next year, according to MarketWatch.
Robinhood’s crypto wallets will include security features including identity verification, multi-factor authentication, and email and phone verification. Clients will be selected to participate in the crypto wallet test phase from a waitlist linked in the blog post.
The blog post also announced that it has made its recurring crypto investments feature available to all of its customers, allowing users to buy coins commission-free on a set schedule. This feature will help investors “focus on long-term growth, reduce risk and lower the stress of timing the markets.”
Cryptocurrency has become an increasingly large part of Robinhood’s business. Robinhood began allowing cryptocurrency trading three years ago. Last year, about 3% of Robinhood’s transaction-based revenue came from crypto trading; last quarter, crypto trading made up more than half of the company’s revenue.
The crypto industry is coming under more scrutiny from U.S. regulators. SEC Chair Gary Gensler assured the Senate Banking Committee last week that crypto regulation is a priority for the commission, although the overwhelming number of new crypto products has put a strain on the SEC’s smaller-than-usual staff.
Robinhood became a publicly listed company in July, about six years after its launch. Shares of Robinhood were up 10.9% on Wednesday.
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