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Robinhood to Set Up Crypto Wallet and Transfer Functionality 

Retail trading platform, Robinhood has indirectly revealed plans to integrate crypto wallet and transfer features for users’ benefit. This comes on the heels of the Dollar Cost Averaging (DCA) feature it introduced to its platform some weeks ago. According to reports, the latest features are currently available on the iOS version of its mobile app. 

Media outlet Bloomberg News reported that both features will enable users to send and receive crypto assets like Bitcoin. The crypto wallet and transfer services were not available on Robinhood initially just like the DCA feature, a recent addition to the platform. 

Robinhood Keeps Mum on Crypto Wallet and Transfer Features

An image showing the name of users on the waitlist was circulated by Bloomberg earlier today.  However, no comments were made by the trading platform, suggesting that it planned to take users by surprise with the double features. The crypto wallet feature has been long-awaited by users.

In August, Robinhood’s new crypto wallet was the most talked about on a survey platform named Say. At the time, Robinhood had also announced its Q1 revenue much of which it acknowledged that meme token, Dogecoin was contributory to. Robinhood put Dogecoin‘s contribution to its revenue at 60%. 

Robinhood’s recent feature rollout is part of its plan to give retail traders and investors more access to a wide range of crypto products. However, Robinhood has come under heavy criticism both in the past and present for its recently released dollar-cost averaging, which the former claims will help investors make recurring investments on the platform.

Critics Fault Robinhood’s DCA Feature

As critics argued, Robinhood’s DCA feature is all a hoax given the several inconsistencies witnessed by users. Some users claimed that system outages were rampant on the platform, especially during periods of extreme volatility.

Again, Robinhood has stated that users could purchase Bitcoin at intervals using the DCA feature. Opposing its claims, some critics alleged that Robinhood is not sincere about its Bitcoin product as it does not offer Bitcoin for trading in the real sense.

The critics noted that what Robinhood offers is a derivative that tracks the price of Bitcoin. According to them, Robinhood does not even allow users to withdraw their assets. One critic declared that the trading platform should be least considered when buying Bitcoin.

Beyond this, Robinhood has also had a run-in with US regulator, the Securities and Exchange Commission, with the latter launching investigations into the platform’s activities back in March. At the time, Robinhood was making plans to launch an Initial Public Offering.

The US SEC’s investigation bordered on controversies relating to defrauding users, shutting down the platform during trading activities, especially meme stock AMC and Dogecoin hype. Despite this, Robinhood’s revenue and user base have surged

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