Robinhood Markets Inc. is testing new crypto wallet and cryptocurrency transfer features for its app, a long-awaited move that will make it easier for customers to send and receive digital currencies like Bitcoin.
Evidence of the company’s work on such features has appeared in a beta version of its iPhone app. The software includes a hidden image portraying a waitlist page for users signing up for a crypto wallet feature. The app also has code referring to cryptocurrency transfers.
With crypto wallets, consumers can use virtual currencies without having to convert them to dollars. They also provide a single place for customers to store all of their virtual currencies, protected by a private key.
Robinhood shares jumped as much as 2.1% to $41.54 in late trading after Bloomberg reported on the test, before paring the gains. The stock has climbed 7.1% since an initial public offering in July.
While it’s already possible for Robinhood customers to buy and sell popular cryptocurrencies such as Bitcoin, Ethereum and Dogecoin, this would be the first time they can manage all of their crypto holdings through a wallet in the app. Other companies, including Coinbase Global Inc. and Gemini Trust Co., already offer crypto wallets of their own.
Robinhood Chief Executive Officer Vlad Tenev has said that adding crypto wallets is a priority for the company’s developers.
“It’s something that our teams are working on,” he said on a call following the company’s second-quarter earnings release, noting that the feature is in particular demand among Dogecoin enthusiasts. “The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”
