Robinhood Testing Crypto Wallet Feature to Allow Users to Withdraw Crypto for the First Time

Sahaj  |  Sep 21, 2021

Retail trading platform Robinhood is reportedly testing a long-awaited crypto wallet feature that will allow the users to send and receive cryptocurrencies such as Bitcoin. Bloomberg reported the rumor on September 21, with the publication claiming to have witnessed screenshots of a withdrawal interface in a beta version of the wallet feature in the iOS app of Robinhood.

Robinhood Tests Crypto Wallet Feature to Enable Crypto Withdrawal

Though not much has been revealed as of yet, Bloomberg claims to have witnessed a waitlist where users will be able to sign up for the new digital asset wallet. The report said:
“The app also has code referring to cryptocurrency transfers.” 

At present, the users of Robinhood are only able to purchase cryptocurrencies with US Dollars and trade digital assets on the platform, as the app does not extend support to crypto deposits and withdrawals.

It should be noted that the crypto traders of Robinhood have been asking the company to launch a deposit and withdrawal feature for digital assets.

Vlad Tenev, the CEO of Robinhood, made an announcement in an August 19 quarterly earnings call, revealing that the firm was looking forward to introducing a crypto wallet. He said:

"I know there's been a ton of enthusiasm from the crypto community and the Dogecoin community in particular in getting access to wallets.”

AMC Entertainment Also Planning to Accept Movie Ticket Payments in Crypto

Well, the fact that Robinhood is not the only company looking forward to expanding its support for cryptocurrencies. This comes with a growing number of mainstream companies making an announcement regarding the moves to enable digital asset payments.

AMC Entertainment is also reportedly planning to accept movie ticket payments in cryptocurrencies like Ether, Bitcoin Cash, and Litecoin, by the year 2022.

Moreover, back in the month of August, the company made an announcement regarding its plans to support Bitcoin payments.

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