Earlier this year, Robinhood announced that it would be launching a new crypto wallet. This would be a stand-alone app that would allow users to store and trade their digital assets. The wallet will be offered for free, and it will also be available internationally. It will be designed to be simple to use and will allow users to manage their digital assets. However, it isn’t the only way that the company plans to get in on the crypto craze.
For starters, the company will be offering a crypto wallet that will let users store and trade a variety of cryptocurrencies that aren’t currently available on its main service. In addition, the wallet will be designed to be simple and user-friendly, so that even the most experienced of users can take advantage of it. The company will also be offering an emergency backup code that will allow users to access their account should they lose it. This should be saved in a secure place.
While Robinhood won’t be charging fees on purchases or withdrawals, you will still have to pay for network fees. In some cases, you will have to pay as much as $70 for the transfer of a single bitcoin. This is due to the ERC-20 token standard, which is required for smart contracts. The company will also be making money from rebates from liquidity providers, who provide users with crypto through the service.
Before getting started, you should check to see if your device has two-factor authentication. If you don’t, it’s best to change it or set up another form of identification. You should also make sure that you have a strong password.
The dashboard will display a chart that shows the total value of all of your assets. You can also search for a particular crypto. If you want to send a specific crypto to another user, you can choose from a list of compatible tokens. Alternatively, you can type in the address of another wallet, and then click Send.
Aside from the new crypto wallet, Robinhood is also doubling down on other new product launches. They’ve recently added extended stock trading hours, and they’re also releasing a credit card. Those products are meant to give Robinhood a boost after plummeting trading volumes, which led to a loss of almost half of its revenue in Q1 of 2018. In addition, the company’s net revenue dipped 43% to $299 million. In the wake of the GameStop stock debacle, Robinhood CEO Vlad Tenev was asked about his company’s progress.
While the Robinhood crypto wallet is not the most innovative new product on the market, it is a welcome addition to the company’s lineup of equities trading products. Although the company doesn’t offer a plethora of new coins and currencies, it does have most of the most popular cryptocurrencies on the market. The company also has a money transmitter license from the FinCEN, which means that the company is legally obligated to collect payments on behalf of its users. It also has a portion of its assets insured by Lloyd’s.