If established cryptocurrency exchanges didn’t take notice when commission-free trading app Robinhood started offering free cryptocurrency trading earlier in the year, they are likely to now.
According to a job advert which appeared on the website of recruitment consultants, Greenhouse, Robinhood is reportedly working on a cryptocurrency wallet of its own. This would allow Robinhood’s customers to move their crypto assets from other wallets and brokerages into the platform without having to sell them first.
At the moment for customers of the commission-free investing app to transfer their cryptocurrencies in and out of Robinhood they are required to sell them, move the money to the desired platform and then purchase the cryptocurrencies of their choice.
New Features, New Threats to Establishment
According to the job ad which was first spotted by Business Insider the commission-free investing app is seeking a ‘Crypto Engineer’ who will be responsible for, among other things, adding new features to the company’s crypto product.
“As a Crypto Engineer you’ll: Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality…” reads the job advertisement.
To be considered applicants are required to possess at least one year of experience in crypto or blockchain development as well as prior experience with distributed services.
According to a spokesperson for Robinhood which currently enjoys a valuation of $5.6 billion customers of the firm have been constantly asking for a way of moving cryptocurrencies into the app from other services. Besides the ability to move cryptocurrencies around, having its own cryptocurrency wallet could also provide customers of Robinhood with a more secure way of storing their digital assets.