In a much-anticipated move, trading app Robinhood is currently experimenting with unveiling a crypto wallet to give users the option to send and receive popular cryptocurrencies like Bitcoin on its platform.
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“I know there’s been a ton of enthusiasm from the crypto community — and the Dogecoin community in particular — in getting access to wallets,” said CEO Vlad Tenev on a quarterly earnings call last month. “It’s something that our teams are working on.. The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”
Robinhood has previously never allowed cryptocurrency to be withdrawn or deposited on its platform. It instead requires users to use U.S. dollars to purchase and trade digital assets.
Robinhood’s stock prices spiked by 2.1% following the announcement, climbing to $41.54.
The crypto withdrawal function is part of Robinhood’s alpha program, and was discovered via a beta version of Robinhood’s iPhone app that showed a secret image of a waitlist for the crypto wallet, according to Bloomberg. Users will need to activate the feature through an enrollment site that will ask for an identification check.
Robinhood’s crypto users — particularly Dogecoin enthusiasts — have long implored the company to offer the ability to withdraw and manage crypto on the app. Companies Coinbase and Gemini already offer a similar crypto wallet.
When the crypto wallet is released, users can expect to join a waitlist for the feature.
Robinhood has already generated around $233 million in revenue from cryptocurrency trading, with more than 60% coming from Dogecoin alone.