Robinhood (HOOD) is going full steam ahead on the crypto train as it announces an expansion of its offerings, which will now include a crypto wallet feature. The new feature is set to allow users to store, spend, and trade their cryptocurrencies from the platform directly. Its stock saw a 10.9% rally yesterday as a result of the news.
The feature is to be rolled out to investors in gradual phases, with a certain number getting it in the next few weeks. While it’s has been a long-time request from users, crypto-rivals like Coinbase (COIN) and Gemini already offer the feature — meaning that Robinhood’s spin on it will most likely be in how it integrates with the app’s other offerings.
why it matters
As crypto becomes more and more accessible to retail investors, it becomes harder for regulators to ignore, and that’s true over here in the region too as just yesterday the Dubai World Trade Center Authority (DWTCA) announced that it’ll be partnering with the UAE’s Securities and Commodities Authority (SCA) to develop a crypto trading regulatory framework.