There’s little doubt about it. Robinhood is one of the hottest players in the crypto space right now.
So much so, that a mere job ad posting by the crypto platform and the mention of the role being related to a crypt wallet, has watchers giddy.
Let’s discuss.
Gearing up for next project
The job posting calls for a crypto engineer.
Here’s what Robinhood states in the job post.
As a Crypto Engineer you’ll:
- Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality.
- Utilize blockchains for new features or infrastructure.
- Design a solution with other engineers and the ops team to fix a scalability problem and then implement it.
- Act as a manager or tech lead, depending on past experience.
Robinhood has enjoyed considerable interest from crypto traders because its trading platform is commission free. It has traditionally been favored by millennials interested in trading stocks, ETFs, and options. However, its round the clock commission-free cryptocurrency trading is thought to make it a formidable player in the crypto space.
One player’s gain, another player’s pain?
Speculators have long thought that Robinhood’s next step would be to create a wallet. Observers note that such a creation could pose a threat to Coinbase.
No matter, creating a wallet would mark yet another achievement for Robinhood in its quest to become a more dominant player in the crypto space. The wallet would allow traders to transfer their cryptos to Robinhood from their other brokerage accounts, or other wallets.
As it stands now, Robinhood customers who want to transfer their tokens must first sell them, then transfer them to another platform, and then buy. That’s burdensome and convoluted, and Robinhood wants to do away with it.
A spokesman for Robinhood declined to provide a timeline on a wallet offering, but told Business Insider that "people are constantly asking for the ability to transfer their coins into Robinhood."
In addition to providing an on-ramp for Robinhood users to send coins from elsewhere, the wallet could also provide a more secure way for Robinhood customers to store their crypto under the same company umbrella, stated Business Insider.
While Robinhood charges no commission fee for users to trade Bitcoin and Ether on its platform, Coinbase chares a 2% fee or more for the same transaction.
For the Wall Street Journal Pro edition, Coinbase’s general manager, Dan Romero, stated the following about it charging fees.
"For any customer who's buying or selling bitcoin or any cryptocurrency on Coinbase, they will have access to send and receive their coin, which we believe is a core piece of functionality. As a result of that we do charge fees"
Come to my state!
Robinhood’s popularity can be clearly seen on social media sites where people beg for it to open its services in their states.
We’ve reported to you about how Robinhood continues to make its presence known in the U.S. Most recently, it added Texas to the slate of states where it offers its commission-free trading platform. Other states include California, Colorado, Massachusetts, Missouri, Montana, and New Hampshire.
It’s boasted having grown the number of its users to four million. It’s also boasted having a transaction volume on its brokerage platform of more than $100 billion. That’s led to it saving users more than $1 billion in equity trade commissions.
Last month, we reported the stats that showed just how well Robinhood was doing. For example, it boasts having more users than the famous E-Trade.Robinhood also boasts that its user rate growth cements it as being the fastest-growing brokerage ever.
We’ll continue to bring you the thoughts and opinions of our industry’s observers, so stay tuned!
This article appeared first on Cryptovest
