Robinhood Plans to Add ‘Wallet Functionality’ to Crypto App
According to a recent job posting, Robinhood is hiring engineers to build out new functionality for the company’s crypto offerings, which includes adding new currencies and providing “wallet functionality.”
What has been created so far only scratches the surface of how Robinhood envisions cryptocurrencies to play a role in our user’s lives. The cryptocurrency team is responsible for pioneering how Robinhood integrates with the various blockchains and networks as we expand our features.
This report comes just days after it was revealed that Robinhood is in early discussions with regulators to begin offering banking products. These products could be made possible either through licensing or partnering with an existing bank.
At its current pace, Robinhood is looking to become a major player in the cryptocurrency industry. Last month, Robinhood closed a Series D financing round led by DST Global, raising $363 million at a $5.6 billion valuation. In the accompanying announcement, Robinhood noted that the newly injected capital will be used to further build out the company’s cryptocurrency platform.
Building a dedicated crypto wallet will be a major step for the company, as investors currently are unable to actually own the digital currencies they buy on the platform, but instead purchase a vehicle pegged to the price of the underlying asset.