Robinhood is a popular online exchange based in the US. It is a stock trading app known for starting the concept of commission-free trading. Robinhood is preferred by youngsters for its user-friendly interface.

The company has now announced crypto wallets on its platform. In a blog post on Wednesday Robinhood announced that it will start testing “crypto wallets” with select customers next month. The Robinhood crypto wallet will allow investors to trade, send and receive digital currencies.

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Robinhood’s shares surged 10.9% on Wednesday after the announcement.

Certain clients will be testing the product and the company will share its feedback through its blog and social media, it said.

Robinhood started crypto trading three years ago. In the last quarter, more than 50% of the company’s revenue came from crypto trading.

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Robinhood’s wallet will initially support holding major coins like Bitcoin, Ethereum, and Dogecoin as Robinhood Crypto supports these coins. The company is looking forward to expanding the cryptocurrencies available on its platform.

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Crypto wallets will have identity verification and multifactor authentication as well as email and phone verification. It also offers cold storage facility and insurance against crypto platform breaches.

Robinhood offers commission-free trading unlike some top crypto trading apps which charge up to 1.5 percent trading fee for most transactions. However, Robinhood charges a variable order flow fee. Clients can schedule a commission-free crypto purchase for as low as $1.

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It supports buying and selling of cryptocurrency, stocks, ETFs, and options.

Robinhood is only available to US-based users.

From now it will allow you to move your crypto in and out of your app in a few clicks send and receive your crypto to other wallets.

The company said, “We’re excited to make crypto more accessible by making investing simpler, more straightforward, and low cost –– just as we’ve done for equities.”