Fintech firms are starting to make it easier for their users to withdraw their cryptocurrencies to external wallets
Popular fintech platform Robinhood has confirmed that it will launch a cryptocurrency wallet next month. This latest development will allow users to send and receive cryptocurrencies from third-party wallets.
The news was first reported by Bloomberg a few days ago. According to the publication, Robinhood was working on a new feature that will allow its users to withdraw cryptocurrencies to external wallets. This feature will make it easier for people to trade cryptocurrencies via the Robinhood mobile app.
Now the fintech platform has confirmed the news. In a blog post published yesterday, Robinhood confirmed that the cryptocurrency wallet feature is coming to its users by next month. Robinhood will allow a select set of customers to gain access to the feature and see how it works.
The company said it would share the experience and feedback of the first set of customers on its blog and Twitter regularly so that other users can follow along and understand what Robinhood is building. Following the testing period, Robinhood will continue to make the feature available to more customers on its waiting list.
Interested users can join the waiting list via the link available in the blog post. According to Robinhood, the crypto wallets will allow its customers to move their cryptocurrencies in and out with just a few taps. They can send their cryptocurrencies to external wallets and also receive supported coins from third-party wallets.
Robinhood said it is designing its wallet to be intuitive, and it will come with numerous security features like ID verification, multi-factor authentication and email and phone verification. These security features will ensure that customer coins are safe from hacks and other cyber threats.
Robinhood is not the only fintech company working on this feature. PayPal is also reportedly working on a feature that will allow its users to withdraw cryptocurrencies to external wallets. This is expected to make it easier for people to send and receive cryptocurrencies from the fintech apps to other wallets such as cold storage, hot wallets and exchange wallets.