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This removes the burden of keeping up with your keys, which some users may prefer. The Robinhood wallets are custodial, meaning access to your crypto assets will ultimately be held by Robinhood. Will users hold the keys to their Robinhood wallets? But there's no additional Robinhood fee," Brown said. We will be passing on the transfer fees that exist when you move assets on-chain. Robinhood users will still be on the hook for any transaction fees, however.
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Robinhood wants to make it cheap and easy for its users to get into the crypto markets, Brown says, so its wallet will be free to use - similar to how wallets work on other exchanges like Coinbase. So building features that are accessible and available and make the market and ecosystem of cryptocurrency easier to approach for the first time is really aligned with our mission to democratize finance for all." Will the wallet be free? I think crypto is a central part of that. That's something we've seen play out over the last six months. "In crypto especially, there's this generational shift going on in how users invest. "When you look at Robinhood's customers, about half are first-time investors," Brown said in an interview with CNET. Why is Robinhood building an integrated crypto wallet? And the focus of investing momentum within Robinhood's user base continues to shift: For the first time, the company disclosed, new users' first purchases more often involve cryptocurrency than equities. Still, by offering a cryptocurrency wallet, the company is giving its customers more of what they want: Nearly 60% of the app's users bought or sold cryptocurrency during the previous quarter, according to Robinhood. The company has been embroiled in controversy, attracting the scrutiny of state regulators and academics for "gamifying investing" and for its role in the GameStop trading fiasco earlier this year. People interested in beta testing the new feature can sign up soon, though the official release won't come until 2022.įounded in 2013, Robinhood's financial app, which makes it easy and free to buy and sell stocks, also offers cash management accounts - and, as of 2018, supports some cryptocurrency trading. Robinhood Wednesday announced plans to launch a new wallet for cryptocurrencies like Bitcoin, Ether and Litecoin.