Robinhood said on Wednesday that it would begin accepting withdrawal requests for digital currencies like Bitcoin, Ethereum, and Dogecoin next month, with the goal of making this feature available to all customers by early 2022.
Robinhood CTO Christine Brown indicated this week in interviews with Decrypt at the Messari Mainnet conference in New York that she’d also want to let consumers investigate DeFi—while attempting to keep them interested in commission-free trading on Robinhood.
She had previously informed Decrypt that she was considering staking, lending, and other types of decentralized financing. Now Robinhood Crypto is more like Coinbase, Kraken, and Binance in terms of features.
Select Robinhood users will be able to begin testing the new capabilities as early as next month, according to the firm. A waitlist will allow more consumers to join at a later time, the company said. A beta version of Robinhood’s iPhone app was cited by Bloomberg as evidence that the company is testing the new capabilities.
Crypto, according to Robinhood, is “ideally” aligned with the company’s aim to democratize finance for all people. This is because crypto was created with the goal of giving people back control of their money.
Robinhood’s Shift Towards Crypto
For the time being, Robinhood allows users to purchase and sell cryptocurrencies. Customers will be able to store and transfer crypto assets in and out of their applications using the wallet functionality.
Customers will be able to transfer crypto to other wallet addresses and receive crypto into their accounts if their wallets support those coins. Seven cryptocurrencies are now supported by Robinhood, including BTC, BCH, BSV, dogecoin, ETH, ETC, and Litecoin (LTC).
Regarding the storage of cryptocurrency in the wallet, Robinhood has said that it supports security measures such as identity verification, multi-factor authentication and email and phone verification for the cryptocurrency it stores.