Market News

Robinhood Starts Crypto Wallets Roll Out

Robinhood (HOOD) has started rolling out crypto wallets as it looks to make it easier for people to send and receive virtual assets such as Ethereum on their brokerage accounts.

The rollout will target 1,000 users out of a waitlist of about 1.6 million users. The company hopes to open the service to 10,000 customers by March. Meanwhile, HOOD shares fell 1.44% to close at $13.69 on January 20.

Robinhood is an online brokerage firm operating a financial services platform, which allows people to engage in crypto and fractional shares trading. Robinhood’s upcoming earnings report for Q4 2021 is scheduled for January 27, 2022.

Crypto Wallets

The rollout comes on the back of the online brokerage firm laying out plans for the cryptocurrency wallets last year as part of its expansion drive. Customers have long asked the company to offer crypto wallets to enhance participation in the blockchain ecosystem.

Robinhood opted to test the new functionality first, with 1,000 users as it looks to gather critical feedback that will inform the final version. As part of the testing phase, the company intends to improve the send and receive flows as well as the transaction history interface.

The company will also add a feature that will allow customers to calculate the dollar amount of crypto sent and received. According to Crypto’s latest news, beta testers of the new feature will have a $2,999 daily limit on withdrawals and 10 transactions. They will also have to enable two-factor authentication as a security measure while using the crypto wallets.

Stock Rating

Last week, KeyBanc analyst Josh Beck reiterated the Buy rating on the stock and cut the price target to $25 from $50, implying 82.62% upside potential to current levels. The analyst’s ratings reflect the impact of higher rates.

Consensus among analysts is a Hold based on 6 Buys, 5 Holds, and 2 Sells. The average Robinhood price target of $33.92 implies 147.77% upside potential to current levels.

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