Robinhood Plans Its Own Crypto Wallet
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26 June

Robinhood platform is developing its own cryptocurrency wallet. The innovation will allow users to move freely their cryptocurrency between different wallets without the need to sell it first. Information about the development appeared on the recruiting site Greenhouse, where the crypto company is looking for suitable “Crypto engineers” for the new development.

Why it is important

    1. Robinhood company was founded in 2013 for trading stocks and options and platform added cryptocurrency trading in January 2018. Robinhood is famous for its zero commission for doing crypto trading. In May, the company managed to expand its network to the US and raise $363 million and by the end of 2018, Robinhood plans to become the largest cryptocurrency platform in the world.

The job description for the vacancy mentions that applicants have to develop a crypto wallet. In particular, the platform is looking for a crypto engineer who will "build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality." For such work, Robinhood is looking for professionals with at least a year of experience in blockchain development.

Currently, the Robinhood application provides users with the opportunity to trade cryptocurrencies without commission but only if they are selling their crypto assets, moving the money to Robinhood, and then exchanging it for the desired cryptocurrency. If the platform would have its own crypto wallet, the assets can be transferred directly, without intermediaries. The company notes that users have long requested to implement its own crypto wallet and secure their digital money savings.

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