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

Robinhood users will soon be able to withdraw cryptocurrencies for the first time

Robinhood's retail platform is testing the long-awaited digital wallet feature that allows users to send and receive cryptocurrencies such as Bitcoin (BTC).

Bloomberg reported rumors on Tuesday claiming to have seen a screenshot of the withdrawal interface in the beta version of Robin Hood's iOS app wallet feature.

In less detail, Bloomberg also claims to have a waiting list that allows users to sign up for a new digital asset wallet. "The app also has a code that references cryptocurrency transfers," the report added.
Robinhood users are currently only able to buy US dollar cryptocurrencies and exchange digital assets on the platform, as the application does not support cryptocurrency deposits and withdrawals. Robinhood cryptocurrency traders have long forced businesses to introduce digital asset deposit and withdrawal capabilities. This year, the number of phones increased as enthusiastic Dogecoin fans gathered on the platform.

In a call for quarterly results on August 19, Robinhood CEO Vladimir Tenev announced that the company is finally exploring the possibility of launching a cryptocurrency wallet.
"I know there was a lot of enthusiasm for accessing the wallet from the crypto community, especially the Dogecoin community," Tenev said, emphasizing the company's enthusiasm for launching new features.

Robin Hood was the first to launch Bitcoin (BTC) and Ethereum (ETH) trading services for customers in five US states in 2018. Since then, Robin Hood has expanded its support for altcoin, giving merchants in all but four states of the United States access to cryptographic capabilities.

Cryptographic services accounted for the majority of Robin Hood's revenue in 2021. According to a second-quarter report, about 41% of $ 565 million in revenue came from crypto trading. The company hopes to make $ 5 million from crypto trading across 2020.

Earlier this month, the company expanded its crypto offering by introducing a regular crypto investment feature that allows users to convert average dollar costs into crypto positions.

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