Some of its customers are getting the keys to the company.
Users will be able to hold and custody their own cryptocurrencies in a stand-alone app. It is the latest move in the digital asset space for Robinhood as it reaches for growth beyond stock trading. The company's shares have plummeted since its IPO.
The new app will put Robinhood in competition with other start-ups. The most downloaded, mobile self-custody wallet in the U.S. is the one from Coinbase, according to Brian Armstrong.
The app will allow users to store non-fungible token and connect to stock exchanges. Users will be able to earn yield through other platforms and access variety ofcryptocurrencies on other exchanges.
Who holds, orcustodies, has become a contentious question in the industry, fueling the viral phrase "not your keys, not your coins."
Last year's CNBC Disruptor 50 list featured a company that offered commission-free stock trading. Its value and user base increased as a result of the epidemic. The company became the center of the meme-stock saga after it restricted trading of highly shorted names.
Over the past year, the trading business has slowed. Revenue for the three months ended March 31 was lower than a year ago. Since its public debut in August, shares have plummeted more than 70% and are more than 85% off of the all-time high.
In an effort to spur revenue and user growth, Robinhood has been adding more products and features, and in late March it added extended stock trading hours. It launched an earlier version of the wallet to customers in April.
The co-founder and CEO of Robinhood said in a press release that they believe that the asset class is more than just an asset.
The new wallet will be available internationally and will be rolled out with a wait list.
The new app won't charge network fees, despite the fees being $70 in some cases. The product will rely on third-party transactions behind the scenes in order to offset network fees.
Payment for order flow is a practice that makes most of the revenue off of transaction fees.
CNBC's Jesse Pound contributed reporting.