Robinhood Finally Caves in With Crypto Wallet Addition

After months of complaints from the cryptocurrency community, trading app Robinhood (Nasdaq: Hood) announced Wednesday that crypto wallets are finally arriving on the platform in a beta test.

History: While users have been able to buy or sell certain cryptocurrencies on Robinhood, the platform lacked a wallet feature found on other platforms.

Driving the Change: Crypto traders, especially those who traded Dogecoin, reportedly have spent months on social media complaining that they wanted to own the actual coins instead of just getting price exposure. A crypto wallet allows traders to use the actual coins to make purchases.

Features: Robinhood said that its wallet will allow users to buy and sell crypto with just a few taps. There are also security features such as identity verification and multi-factor authentication.

Final Thoughts: Prices for many cryptocurrencies increased Wednesday, and shares of Robinhood increased 10.85%.

Hope you enjoyed this commentary. Please subscribe to Early Bird, a free daily newsletter that helps you identify crypto trends: https://earlybird.email/