Robinhood to launch crypto wallets with tests in October; Ark Invest buys HOOD shares
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Popular stock-trading app Robinhood has announced it will offer crypto wallets on its platform and will begin tests for waitlisted users in October.
According to a midweek blog post, the new wallet service will, for the first time, let Robinhood customers manage and hold their crypto – that is, move tokens in and out of the app.
It will therefore provide the ability to use the app to pay for goods and services, rather than simply trade within a closed-off crypto environment.
Seeing as Robinhood first introduced crypto trading about three years ago, a crypto wallet is a well-overdue feature. And it’s one that could put the app, more known for retail stocks trading, in greater competition with the likes of dedicated crypto-exchange giants Coinbase and Binance.
About damn time lol 🙂
Robinhood #Dogecoin wallets are about to change the game!
— Matt Wallace (@MattWallace888) September 22, 2021
The company will start testing the wallets in October with a small-ish group of users, ahead of an official launch to its 32 million+ registered users. So far, 300,000 users have already signed up to the wallet-testing waitlist.
“We’re excited to make crypto more accessible by making investing simpler, more straightforward, and low cost – just as we’ve done for equities,” reads the Robinhood blog post, adding:
“The world of crypto may seem mysterious, complicated and unwelcoming, but it was born out of a mission to return power to the people, which aligns perfectly with our mission to democratize finance for all.”
Robinhood has not specified which cryptos its new wallet will support. It’s likely, though, that Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE) and Ethereum Classic (ETC) will be on the list, as they’re currently tradable on the app.
Did we forget any? Ah yeah… the controversial Bitcoin SV (BSV) too. Robinhood might want to get a bit more expansive, and selective with its crypto repertoire, just sayin’.
In the meantime, dog-meme crypto fans seem happy about the Robinhood news, as well as another little AMC-related news bite…
Robinhood announcing wallets, AMC CEO not only talking about accepting Dogecoin but saying it was the single most interacted with tweet he has ever made, the crypto market finally seeing some green.
I gotta say… pic.twitter.com/3bWIU54keB
— Shibetoshi Nakamoto (@BillyM2k) September 22, 2021
US investment firm Ark Invest, headed by Bitcoin bull Cathie Wood, has just bought some Robinhood (HOOD) shares – 323,409, worth an estimated US$13.67 million, according to a report this week.
Whether this is related to the app’s crypto-wallet news is unclear – Ark Invest is an absolute beast for tech stocks in general. But Cathie Wood’s interest in crypto, and support for Bitcoin and Ethereum in particular, is pretty powerful and unrelenting.
Through two of its ETFs (exchange-traded funds), Ark Invest has also just bought more shares in Coinbase (COIN), worth about US$25.87 million.
Ark’s total exposure to Coinbase through ETF-purchased shares now exceeds US$1.68 billion.