Robinhood trades higher on crypto wallet report
17:10, 21 September 2021
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.
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.