Robinhood's stock-trading app made big profits from Dogecoin. On Wednesday, Robinhood announced that it was going deeper into crypto rabbit holes and that it would soon be testing crypto wallets.
Robinhood will soon begin rolling out crypto wallets to its users who are on its waitlist. The wallets will allow users trade, send, and receive crypto tokens within the app. Robinhood's most requested feature, which is a part of the crypto ecosystem, has been updated. Although users were previously able to purchase and sell Bitcoin and Dogecoin, they were not able to send them to other wallets or get them from anywhere else.
Robinhood will now have access to many opportunities in crypto that Coinbase and its competitors are unable to take advantage of. The company was forced to move into an area that is more opaque due to regulatory uncertainty. After the SEC threatened to sue Coinbase, Coinbase decided to abandon a long-planned loan product.
The cryptocurrency market has seen a breakout year in 2020 and 2021. Coins have risen and fallen throughout the period, but gained much more overall. Coinmarketcap has estimated that the global cryptocurrency market cap is just shy of $2 trillion.
Robinhoods stock rose more than 10% today, indicating that investors are bullish on the company's move into crypto.
