Robinhood users may soon be able to withdraw crypto for the first time

Robinhood is reportedly testing a new crypto wallet feature that would finally enable users to withdraw crypto from its app.

September 22, 2021 - 12:28 PM 571 views

Robinhood users may soon be able to withdraw crypto for the first time

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© Robinhood users may soon be able to withdraw crypto for the first time

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Retail-trading platform Robinhood is reportedly testing a long-awaited digital wallet feature that enables users to send and receive crypto assets such as Bitcoin (BTC).

Bloomberg reported the rumor on Tuesday, with the publication claiming to have seen screenshots of a withdrawal interface in a beta version of the wallet feature in Robinhood’s iOS app.

While details are sparse, Bloomberg also claims to have seen a waitlist where users will be able to sign up for the new digital asset wallet. “The app also has code referring to cryptocurrency transfers,” the report added.

Robinhood users are currently only able to buy crypto with United States dollars and trade digital assets on the platform, as the app does not support crypto deposits and withdrawals.

Robinhood’s crypto traders have long badgered the company to introduce deposit and withdrawal functionality for digital assets, with the calls having grown this year as fiery-eyed Dogecoin fanatics converged on the platform.

In an Aug. 19 quarterly earnings call, Robinhood CEO Vlad Tenev announced that the firm was finally exploring introducing a crypto wallet.

“I know there’s been a ton of enthusiasm from the crypto community and the Dogecoin community in particular in getting access to wallets,” Tenev stated, emphasizing the firm’s excitement to launch the new feature.

Robinhood first launched Bitcoin (BTC) and Ether (ETH) trading services in 2018 for customers in five U.S. states. Robinhood has since expanded its altcoin support and currently allows traders based in all but four U.S. states to access its crypto features.

Crypto services have become a significant part of Robinhood’s revenue in 2021, with its Q2 report showing that around 41% of its $565 million in revenue was from crypto trading. By contrast, the firm generated $5 million from crypto trading for the entirety of 2020.

Earlier this month, the firm expanded its crypto offerings by launching a recurring crypto investment feature allowing users to dollar cost average into crypto positions.

Robinhood is not alone in looking to expand its support for crypto, with an increasing number of mainstream firms announcing moves to enable digital asset payments.

Cointelegraph reported on Thursday that AMC Entertainment plans to accept movie ticket payments in ETH, Litecoin (LTC) and Bitcoin Cash (BCH) by 2022. The company already announced plans to support Bitcoin payments in August.

On Wednesday, software giant Adobe also announced that merchants using its Adobe Commerce product will be able to accept cryptocurrency payments via PayPal from the fourth quarter of this year.

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