Currently, pressure from financial regulators on the virtual currency market is increasing significantly in the US. Society is also concerned about this issue. Recently, a group of investor advocates has told the Securities and Exchange Commission that many cryptocurrency projects are flouting investor-protection rules and deserve more scrutiny. Given these circumstances, only the bravest dare to launch crypto start-ups.
Robinhood is testing cryptocurrency wallets and app features. The new service will make it easier for customers to send and receive digital currencies like bitcoin. With a crypto wallet, consumers will be able to use virtual currencies without having to convert them to fiat money. It will also provide a single place for customers to store all of their virtual currencies, protected by a private key. Robinhood is also confident in the safety of transfers, saying its crypto wallets feature "identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats."
Robinhood shares rose by 2.1% to $41.54 on the back of media reports about the company's cryptocurrency wallet testing. To date, the stock has climbed 7.41% since its initial public offering. However, Robinhood’s idea is not new. Many exchanges have been offering their own crypto wallets for a long time.
