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Robinhood trades higher on crypto wallet report

By Kevin Donovan

17:10, 21 September 2021

Robinhood's digital wallet illustration
Robinhood to launch wallet - Photo: Robinhood

Robinhood Markets' shares traded higher Tuesday on news the retail broker platform was testing a new crypto wallet to store and manage digital assets.

In mid-day trading, Robinhood shares were trading at $42.63 (£31.21), up from the $41.04 opening share price. Bloomberg reported that, after the market close Monday, certain features of the new crypto wallet had appeared on beta test versions of the Menlo Park, California-based broker’s app.

Robinhood closed Monday at $40.78, down $0.20 on the day amid the broader equity market decline, and rose 2.10% in after-market trading, following the report’s publication.

Release date not set

Robinhood founder and CEO Vlad Tenev hinted at introducing a crypto wallet during the company’s 2Q 2021 earnings call but was vague about any specific timing of a release date.

US100

18,249.40 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

BTC/USD

70,815.45 Price
+2.780% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,562.36 Price
+1.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Gold

2,233.43 Price
+1.740% 1D Chg, %
Long position overnight fee -0.0188%
Short position overnight fee 0.0106%
Overnight fee time 21:00 (UTC)
Spread 0.80

While investors had been able to trade crypto assets over the Robinhood platform, a crypto wallet would allow users would be able to spend their digital assets without first converting them into US dollars.

Bloomberg also reported a waitlist page for Robinhood users to sign up for the Crypto wallet feature.

Read more: Universal Music Group strikes note with investors in debut

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