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.