Robinhood Testing New Crypto Wallet Features
- Information in the code of Robinhood’s iPhone app revealed that the company was testing out crypto withdrawals.
- If launched, the features would enable users to manage their cryptocurrencies in the app and transfer them to external wallets.
Co-founder and co-CEO of Robinhood Vladimir Tenev speaks onstage during TechCrunch Disrupt NY 2016 at Brooklyn Cruise Terminal on May 10, 2016 in New York City. Photo by Noam Galai/Getty Images for TechCrunch
Popular trading platform Robinhood has reportedly been testing out a new cryptocurrency wallet and crypto transfer features for its mobile app. According to a report from Bloomberg, evidence of the company’s work on the new features has appeared in the beta version of Robinhood’s iPhone app.
While the app’s users have been able to buy and sell Bitcoin, Ethereum, and Dogecoin, they couldn’t withdraw their funds to an external wallet or manage them within the company’s app. If the new feature is launched, it would be the first time users will be able to withdraw their cryptocurrencies from the app.
Information within the code of the app revealed that the new crypto features are being tested as part of an “alpha program”, which will require users to activate the sending and receiving feature for cryptocurrencies and complete an identity check on the enrollment page.
Earlier this year, Robinhood’s CEO Vlad Tenev said that adding a cryptocurrency wallet was a priority for the company’s developers. In a call following the company’s Q2 earnings release, Tenev said the wallet feature was “in particular demand among Dogecoin enthusiasts.” While he didn’t disclose when the feature would be launched, Tenev noted that ensuring safety and stability with crypto withdrawals was tricky to do at scale and would take some time.
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
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- The U.S. Department of Justice has seized close to $470 million in Robinhood stock, and an additional $20 million in U.S. currency, as part of its criminal case against Sam Bankman-Fried.
- Lawyers for SBF argued last week that the Robinhood shares were bought legitimately by SBF, using money borrowed from Alameda, and that he was relying on them to fund his defense.
- Lawyers for SBF are seeking to block debtors from taking control over $450 million in Robinhood shares, arguing that SBF was relying on his stake to fund his criminal defense.
- Another argument was that SBF had legitimately bought the shares using money borrowed from Alameda Research, one of the few loans that was well documented in the company.