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%.
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