As per the latest reports, Robinhood has made an announcement in regards to its wallet for digital assets. The firm has revealed that it is currently in the process of testing the digital wallet that the investors on Robinhood had been anticipating for a long time.
Robinhood had revealed that with the help of the wallet, the users will be able to send and receive cryptocurrencies. At present, the investors are unable to send or receive cryptocurrencies such as Bitcoin or Ether through Robinhood. Once the new wallet is integrated into Robinhood’s platform, the situation would change entirely.
The news reporting firm that has shared its findings on the matter on Tuesday, September 21, 2021, is Bloomberg. According to a report from Bloomberg, an insider has shared information in regards to the withdrawal wallet.
The inside source has shared screenshots of the interface for the withdrawal service currently being developed/tested by Robinhood. The source has revealed that the withdrawal interface for Robinhood was being tested on the iOS application for Robinhood.
For now, Robinhood has revealed that the users will be added to the waitlist for the usage of the Robinhood withdrawal service. The users will be able to sign themselves up for the registration of the upcoming wallet and they may also be added to the beta testing phase of the wallet.
Furthermore, it has been revealed that a particular code has been added to the wallet, which may give it the ability to perform transfers for cryptocurrencies.
For the time being, the only way for investors to acquire cryptocurrencies on Robinhood is to invest in the United State dollar. This is the only way for investors to acquire cryptocurrencies through the platform in order to perform trades.
Just to clarify, the users can only make withdrawals through the Robinhood platform in fiat USD. There is no other way for the investors to make withdrawals as well as deposits. Despite making profits in the cryptocurrencies, the users can only withdraw funds in the form of fiat USD but not in the form of cryptocurrencies.
This is the reason why the cryptocurrency investors on Robinhood have longed for the development and release of a wallet that lets them withdraw cryptocurrencies. Once the wallet is released, the users will be able to use the platform just like any other major cryptocurrency exchange.
Robinhood will also benefit tremendously from the wallet as it is a regulated platform and the users will be moving in large groups to invest in cryptocurrencies.
Despite earning big in the first two quarters of 2021, Robinhood recorded its revenue experiencing a drop in the third quarter. However, the launch of the wallet with such capabilities would help it recover its old crypto revenues.