Trading Giant Robinhood Coming Up With Crypto Wallets Next Month

• Avinandan Banerjee
• September 23, 2021

Robinhood, the financial services tycoon, has recently announced that they are willing to open up a new line of services where they can sell cryptocurrency wallets to a large section of their customers who are either interested in crypto or they are already dealing in cryptocurrencies.

According to a recent post that was published on the official blog of the company, all the users who are availing services from the financial services giant will be able to sell, purchase and even receive all the forms of cryptocurrencies that will be supported by the Robinhood network and this service will be available from the very next month itself.

According to the blog post, the first customers will be given the privilege of testing the digital wallets that will be provided to them by the company in the upcoming month itself. There will also be a feedback mechanism where these customers will be able to record their first-hand experience of how the wallet is functioning and if there are any nuances that come with it. These feedbacks and experiences will be posted on Twitter and on their official blog every day so that people can develop a clear idea of what is actually happening with their new product. It is a great way to maintain transparency.

They further added that depending on the feedback and the general response to it from the public, they will gradually roll out their digital wallet services to more and more willing customers after sorting them out from the general waiting list. 

The announcement came out just after the giant investment firm had declared only the previous week that they are introducing cryptocurrency investing and that too without having to pay commission for purchasing the cryptocurrencies. This feature would enable the customers to purchase the cryptocurrencies that are supported on the platform automatically, on any given schedule of time, without having to pay any commission fees and for an amount as little as $1 if they are willing to.

According to officials from Robinhood, the reason for introducing commission-free investing in crypto is because they want to make sure that people can focus more on long-term goals and, at the same time, reduce the risk while putting efforts in an attempt to time the market. They further added that Robinhood is special indeed as the other platforms are charging an average of 4%, while they are providing commission-free practical investing opportunities, which will be extremely beneficial for long-term and serious investors and people in general.

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