First Robinhood delivered free crypto trading, now it wants to deliver a cryptocurrency wallet that will let users save even more.
By making their own wallet it would enable Robinhood users to transfer their crypto around more easily from other exchanges and let their users save even more than the commission-free trading they already offer.
This news comes as the company posted a job ad for a Crypto Engineer to “build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality.”
Robinhood is on a mission to bring a whole lot more to the world of crypto, stating that what they’ve created so far “only scratches the surface of how Robinhood envisions cryptocurrencies to play a role in our user’s lives.”
In an industry with high commission fees, Robinhood’s no fee mantra has taken off. Gaining 4 million users in just five years, the fastest growing brokerage in history is quickly disrupting an industry that has been too stagnant for too long.
Millennials in particular have been soaking up the free trades. This largest demographic cohort ever is now growing up and has money to spend, so it’s no surprise the free trading trend has caught on with startups like Revolut and Freetrade jumping on the bandwagon, hoping to position themselves as the Robinhood of Europe (funny thing since Robin Hood was actually European… or at least until Brexit happens!).
Having raised a cool $539 million in funding last month, which skyrocketed their valuation to a hefty $5.6 billion, it’s hard not to take notice of Robinhood’s success and want to join the party.
When Robinhood first launched free crypto trading in February they’ve catered to users who want to zap commission fees. But aside from high fees another big question that plagues many a crypto enthusiast is security. How safe is my money?
Exchanges like Robinhood have to deal with intensive scrutiny from regulators, which is the price to pay when you’re handling people’s hard-earned savings. Combine that scrutiny with a chest full of cash and the will to make things happen, and it looks like the company is poised to add a popular option for those looking for a crypto wallet.