Brokerage firm Robinhood will roll out a crypto wallet that will allow users to transact via cryptocurrencies, the company announced this week.

Why should we care?
The Robinhood crypto wallet will allow its customers to move Bitcoin, Ethereum, Dogecoin, and other currencies off its app, part of a nascent crypto strategy that’s been in development for some time. While the company will allow users to move crypto, it currently has no plans for a non-custodial wallet, or one that allows users to hold crypto directly. “The accessibility and education built into [Robinhood] crypto make it less intimidating," Robinhood’s chief operating officer Christine Brown said in an interview. Crypto is a source of growth for Robinhood as it positions itself to compete with cryptocurrency exchanges. Around 9.5 million people traded crypto on Robinhood in the first quarter of 2021, up from 1.7 million in the last quarter of 2020. Select users will begin testing the product and Robinhood will share their feedback on its blog and on Twitter.