The popular commission-free trading application has made yet another decision that will further establish the app’s position in major cryptocurrency exchanges’ radar. According to a recent report initially published by Business Insider, Robinhood is taking going to develop a cryptocurrency wallet for commission-free trading as well. The application started offering cryptocurrency coins earlier this year.
According to a job advertisement published on Greenhouse – a recruitment consultant platform – by Robinhood, the company is allegedly working on new features that include company’s native cryptocurrency wallet. The job advertisement was first discovered and reported by Business Insider. This would mean that its users will be able to shift their crypto assets directly from other wallets and cryptocurrencies instead of selling them first and buying again from Robinhood.
The current way to build up your cryptocurrency assets in Robinhood is to add money to the platform and then buy cryptocurrencies. All of this could possibly be changing after the appearance of this job advertisement. The job advertisement is for a “Crypto Engineer” who is needed to “add features” to the existing product of the company. The job advertisement reads that the crypto engineer will work on building out new functionality for the company’s app. These new features, according to the advertisement, include adding cryptocurrencies and developing a crypto wallet.
In the wake of this news, many news outlets approached the commission-free trading app for any comment on the matter. One of the spokespersons for the company revealed that customers of the platform have been repetitively asking for a way to move their digital assets to Robinhood in an easy way. Besides this, customers have also been requesting a wallet service which would allow the customers to keep their assets on Robinhood’s platform along with trading them. Robinhood is currently valued at about $5.5 billion, and a major part of this has been due to its unmatched commission-free trading option.
Robinhood was founded about five years ago and was initially targeted towards investors looking to invest in exchange-traded funds and stocks. In the beginning o this year, Robinhood flew into the cryptocurrency scene by introducing Robinhood Crypto, the commission-free trading application for cryptocurrencies. Initially, the crypto-trading application was released for select-states of the U.S. including New Hampshire, Montana, Massachusetts, and California. Now it is currently operating in 18 states, Texas being the latest to be added in the list. As if it wasn’t enough to disrupt almost all of the major cryptocurrency exchanges, Robinhood is now aiming for its customers to store their digital assets with Robinhood too.
Robinhood is now a serious rival to watch out for. In its Series D round of funding held last month, Robinhood was able to raise about $363 million. Such financial back would allow the commission-free trading application to build itself an adequate business which will be well capable of competing with the major cryptocurrency exchanges of the world.