Trading Giant Robinhood Rolling Out Crypto Wallets Next Month

Financial services titan Robinhood says it’s gearing up to offer cryptocurrency wallets to its customers. Read the full article by the Daily Hodl staff

Robinhood has become one of the biggest exchanges for retail investors to use and get their initial exposure to the stock and crypto markets. While they do offer crypto they do not have a wallet for you to add or withdraw funds which have been a detractor for people in the know about the inner workings of crypto.

For the last few months, they have been working on building one and even have thousands of people on the waitlist for it. In a new post, they have finally announced a rollout for a beta version of the wallet app. Having the wallet capability will put them in direct competition with Coinbase and Kraken two of the biggest crypto exchanges in the United States.

“The first customers will begin testing crypto wallets on Robinhood [next month]. We’ll share their experience and feedback on our blog and Twitter regularly so you can follow along and get an under-the-hood look into what we’re building. After that, we will continue to roll out access to more and more customers through our waitlist.”

Aside from this announcement, Robinhood is also rolling out commission-free crypto trading. This will allow traders to buy as little as $1 in the crypto of their choice without any extra fees. Other platforms are charging as high as 4%. This will be very beneficial for users and active traders who do not have the extra money to be spending on fees for products that are supposed to promote financial inclusion.