Shine Trader Limited reports:
Robinhood has grown so fast this year thanks to interest in dogecoin. The trading platform recently disclosed that cryptocurrency trading accounted for 50% of its revenue in the second quarter of this year.
That number is expected to grow as Robinhood focuses on cryptocurrencies, which is why the latest features Robinhood is testing are important for the company.
One of the main reasons investors choose the trading app is that individual users can’t transfer out of Crypto. This essentially means that investors care about the price they pay for cryptocurrencies, rather than investing in them.
If Robinhood rolls out its latest wallet feature, it could eliminate that problem for users.
Foreign media pointed out that the online brokerage is currently in the beta phase of a wallet that allows investors to move their cryptocurrencies out of the app.
This is expected to apply to all cryptocurrencies that can be traded on the app, including its most popular cryptocurrency investment choice, Dogecoin, which Robinhood remains one of the most popular cryptocurrency trading platforms.
The trading platform is reportedly testing its new wallet and roll-out features for integration into its app, allowing users to roll-out cryptocurrencies they have purchased on the platform.
Reports indicate that the app will be available in beta on the iPhone. Robinhood also provides a waiting list for users to use the feature. However, that means it won’t be available to all Robinhood users immediately.
The lack of an applicable cryptocurrency wallet in the app is a pain point for users. This limits their cryptocurrency transactions to one platform, and users cannot move the cryptocurrencies they buy.
Robinhood CEO Vlad Tenev explained that they are working hard to correct this situation and that offering a cryptocurrency wallet is a top priority for the company:
“That’s something our team is working on, and the ability to store and extract Crypto is very much tied to scale, and we want to make sure it’s right.”
In essence, Robinhood’s rise stems from the rise of Dogecoin. Although the company was in operation long before the Dogecoin craze, due to its ease of use, it only really came to the forefront when users started buying Meme shares on the platform.
In its second-quarter earnings report, Robinhood revealed that of the 50% of revenue generated by cryptocurrency trading, dogecoin trading accounted for 62% of total trading volume.
While Robinhood’s total cryptocurrency trading revenue was $233 million in the quarter, Dogecoin accounted for 62% of the gains, meaning the digital asset brought in $144 million for the exchange, making it the top-selling product.
Reprint indicated source：Shine Trader Limited Live information