There’s meme stocks, and then there’s meme … brokerages? For those on the Robinhood (NASDAQ:HOOD) platform, that certainly seems to be the case. Robinhood has been the go-to platform for young millennial investors, given the zero-fee trading and partial share-ownership options this brokerage provides. When Robinhood recently went public, shares of HOOD stock became a sought-after commodity for this reason.
Famed investors such as Cathie Wood have jumped on Robinhood as the future of the brokerage industry long term. Millennial investors will eventually outpace baby boomers in terms of dollars invested in the market (at least capital inflows) at some point in the near future. Buying into the trendiest of exchanges certainly seems like a solid idea from a growth perspective.
However, Robinhood hasn’t just been resting on its laurels. The company’s been moving toward making its brokerage platform even more millennial-friendly, with a series of recent moves.
Let’s dive into perhaps the company’s most controversial move — launching a Robinhood crypto wallet.
HOOD Stock: What Investors Need to Know About the Robinhood Crypto Wallet
While Robinhood previously threw around discussions of launching a crypto wallet, today, that discussion became a formal announcement. Let’s dive into a few of the key things the company announced during a series of interviews on the subject:
- Robinhood is eyeing a 2022 launch date for its official integrated crypto wallet.
- That said, Robinhood’s crypto wallet will be available for beta testing soon.
- This wallet is likely to provide for the ability to trade the most popular cryptocurrencies.
- The company anticipates that revenues will increase as a result of this move.
- That’s because Robinhood confirms that data shows 60% of its users have invested in crypto over this past quarter.
- Accordingly, like with its stock trading app, Robinhood’s crypto wallet will be free to use for investors.
- Shares of HOOD stock rose 5% today on this news.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.