Wednesday 22 September 2021 5:39 pm

Robinhood shares jump nine per cent as crypto wallet confirmed

Robinhood, the investor trading platform made infamous by the Gamestop incident, has announced it will roll out crypto wallets to customers amid surging demand.

The trading platform, which lets non-professional investors purchase options, shares and crypto through its flagship mobile app, saw cryptocurrency transactions volume surge from to $233m in the second quarter of 2021, up from $5m a year prior.

In a statement the company confirmed that testing for a new crypto wallet will begin next month causing share price to jump to highs of $46.25, up 9.4 per cent compared to the previous close.

“Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. This means you can consolidate your coins into one account so it’s easier to track your portfolio,” the company said in a statement.

The new wallet will allow users to trade support coins commission free using their Robinhood accounts and will include security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks.

The product will first be rolled out to customers who signal an interest in the crypto wallet by joining the waitlist and will be available to all platform users by early 2022. Users can also move up the wait list by referring other people.

Robinhood has benefitted from surging retail investment this year as the pandemic encouraged non-professional investors to trade from the comfort of their own homes using apps.

Share price is up 28.15 per cent since the company launched on the US stock market in July.

Read more: Revolut is taking on Robinhood with the launch of commission-free retail trading in US