Online brokerage startup Robinhood stirred up the crypto market this year by suddenly offering a commission-free cryptocurrency trading platform. Today the news came out that Robinhood aims to disrupt the market even further by launching a Cryptocurrency Wallet of its own. Go Robinhood!
Robinhood was already known for giving old-fashioned stock brokers and new young retail investors a run for their money by offering a smartphone mobile app, which allows individuals to invest in publicly traded companies and exchange-traded funds listed on U.S. stock exchanges without paying a commission.
This year, the company suddenly also launched a commission-free cryptocurrency trading platform to meet the wave of interest from retail investors for this new asset class. Apparently, according to a job advert which appeared on the website of recruitment consultants Greenhouse, Robinhood is now also working on its own cryptocurrency wallet.
If Robinhood is indeed set to launch a cryptocurrency wallet of its own, then this would allow Robinhood’s customers to move their crypto assets from other wallets and brokerages into the platform without having to sell them first. A huge advantage over other cryptocurrency exchanges. It is therefore likely that other exchanges are now watching Robinhood more closely than when Robinhood first entered the crypto space.
The cryptocurrency wallet
According to the following job application, Robinhood is currently looking for a ‘Crypto Engineer’. Not that strange considering the fact that Robinhood has its own crypto trading platform, but here is where it gets interesting. The application says:
“As a Crypto Engineer you’ll: build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality…”
Robinhood is constantly looking to add new features to the current platform and to expand its services. This to make Robinhood even more attractive for investors. The ability to move cryptocurrencies around by having its own cryptocurrency wallet could also provide customers of Robinhood with a more secure way of storing their digital assets.