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Robinhood (HOOD) Expands Crypto Exposure, Adds Wallet Features
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In an effort to expand its exposure toward cryptocurrencies, Robinhood Markets, Inc. (HOOD - Free Report) has added wallet support for Bitcoin and Dogecoin.
Earlier, the Robinhood wallet — a multi-chain, self-custody and Web3 wallet — was restricted to sending and receiving tokens built on the Ethereum blockchain only. However, as customers asked for more assets on more chains, Robinhood decided to expand its product offerings.
The company said that now all users of Robinhood wallet can send and receive Bitcoin and Dogecoin.
Additionally, Robinhood has begun rolling out swap features for selected users that allow them to trade Ethereum for more than 200 different assets.
The Robinhood wallet can charge gas fees from its users, which is the price for transacting on Ethereum, from any tokens they hold.
Thus, the crypto wallet will now allow users to own, send and receive crypto on Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism and Polygon networks; swap cryptocurrencies on Ethereum and Polygon; and connect to a wide range of decentralized applications.
The Robinhood wallet, which combines a simple and intuitive design with powerful tools that push the boundaries of a typical wallet, gives its users full control over their cryptocurrencies such that only they can hold and maintain the private keys to their assets.
The Robinhood wallet was launched for the general public six months ago. Since then, the wallet has seen significant adoption globally, with hundreds of thousands of users in more than 140 countries.
Over the past six months, shares of Robinhood have gained 13.7% against the 10% decline of the industry.
Until July 2020, the Office of the Comptroller of the Currency did not grant permission to banks in the United States to hold cryptocurrencies. The amendment post-July gave banks the go-ahead to begin exploring cryptocurrency operations.
A few years ago, banks were not very interested in the crypto and digital asset space. But, after witnessing increased demand for the emerging market, banks and financial institutions started to embrace cryptocurrencies.
In July 2021, JPMorgan (JPM - Free Report) became the first major bank in the United States to allow its financial advisors to give all its wealth-management clients access to cryptocurrency funds. Next month, it came to light that JPMorgan was offering its Private Bank wealth management customers access to an in-house passively managed bitcoin fund. The offering was being made in partnership with bitcoin powerhouse New York Digital Investment Group.
JPMorgan also launched a division focused on digital assets named Onyx. The Wall Street giant even launched its digital currency, JPM Coin.
In August 2022, BlackRock, Inc. (BLK - Free Report) partnered with cryptocurrency exchange, Coinbase Global, to provide its institutional clients access to digital currencies.
Through the partnership, BLK’s institutional clients have access to crypto trading, custody, prime brokerage and reporting via Coinbase Prime, which is the exchange’s institutional platform, providing a wide range of features and tools.
Also, BLK launched a spot Bitcoin private trust for institutional clients in the United States. The fund seeks to track the performance of Bitcoin, less expenses and liabilities of the trust.
However, in July 2023, the U.S. Securities and Exchange Commission said that the application filed by BLK for a spot Bitcoin exchange-traded fund was inadequate.
Reportedly, the filing did not have enough detail with respect to the “surveillance-sharing agreements.”
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Robinhood (HOOD) Expands Crypto Exposure, Adds Wallet Features
In an effort to expand its exposure toward cryptocurrencies, Robinhood Markets, Inc. (HOOD - Free Report) has added wallet support for Bitcoin and Dogecoin.
Earlier, the Robinhood wallet — a multi-chain, self-custody and Web3 wallet — was restricted to sending and receiving tokens built on the Ethereum blockchain only. However, as customers asked for more assets on more chains, Robinhood decided to expand its product offerings.
The company said that now all users of Robinhood wallet can send and receive Bitcoin and Dogecoin.
Additionally, Robinhood has begun rolling out swap features for selected users that allow them to trade Ethereum for more than 200 different assets.
The Robinhood wallet can charge gas fees from its users, which is the price for transacting on Ethereum, from any tokens they hold.
Thus, the crypto wallet will now allow users to own, send and receive crypto on Arbitrum, Bitcoin, Ethereum, Dogecoin, Optimism and Polygon networks; swap cryptocurrencies on Ethereum and Polygon; and connect to a wide range of decentralized applications.
The Robinhood wallet, which combines a simple and intuitive design with powerful tools that push the boundaries of a typical wallet, gives its users full control over their cryptocurrencies such that only they can hold and maintain the private keys to their assets.
The Robinhood wallet was launched for the general public six months ago. Since then, the wallet has seen significant adoption globally, with hundreds of thousands of users in more than 140 countries.
Over the past six months, shares of Robinhood have gained 13.7% against the 10% decline of the industry.
Image Source: Zacks Investment Research
Currently, HOOD carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Until July 2020, the Office of the Comptroller of the Currency did not grant permission to banks in the United States to hold cryptocurrencies. The amendment post-July gave banks the go-ahead to begin exploring cryptocurrency operations.
A few years ago, banks were not very interested in the crypto and digital asset space. But, after witnessing increased demand for the emerging market, banks and financial institutions started to embrace cryptocurrencies.
In July 2021, JPMorgan (JPM - Free Report) became the first major bank in the United States to allow its financial advisors to give all its wealth-management clients access to cryptocurrency funds. Next month, it came to light that JPMorgan was offering its Private Bank wealth management customers access to an in-house passively managed bitcoin fund. The offering was being made in partnership with bitcoin powerhouse New York Digital Investment Group.
JPMorgan also launched a division focused on digital assets named Onyx. The Wall Street giant even launched its digital currency, JPM Coin.
In August 2022, BlackRock, Inc. (BLK - Free Report) partnered with cryptocurrency exchange, Coinbase Global, to provide its institutional clients access to digital currencies.
Through the partnership, BLK’s institutional clients have access to crypto trading, custody, prime brokerage and reporting via Coinbase Prime, which is the exchange’s institutional platform, providing a wide range of features and tools.
Also, BLK launched a spot Bitcoin private trust for institutional clients in the United States. The fund seeks to track the performance of Bitcoin, less expenses and liabilities of the trust.
However, in July 2023, the U.S. Securities and Exchange Commission said that the application filed by BLK for a spot Bitcoin exchange-traded fund was inadequate.
Reportedly, the filing did not have enough detail with respect to the “surveillance-sharing agreements.”