Bitcoin Bounces On $40K And Robinhood Tests iPhone Crypto Wallet

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Last Updated on 22 September 2021 by CryptoTips.eu

Jeroen Kok

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Bitcoin bounces off the $40k price mark in the past few hours and has climbed 5% since then, now trading at around $42k. It comes as the looming bankruptcy of major Chinese property developer Evergrande is on the front pages of all business newspapers. The company owns more than 1,300 building projects in more than 280 cities across China which are now all in danger of possible bankruptcy.

As the Evergrande stock markets selloff hit crypto markets as well, developers kept doing what they do best and Bloomberg was happy to be able to share a few screenshots of trading app Robinhood which is apparently running Beta tests of its app on iPhone running a crypto wallet inside it.

The trading platform loved by millennials and members of the iGen seems to know what’s popular and wants therefore to offer its customers the possibility to transfer Bitcoin to each other via the Robinhood app as well.

Advertentie.

Dogecoin Whale

It is unclear whether the US securities and exchange commission, which has been investigating Robinhood for its aggressive marketing campaigns in the past few months already, would see this new feature of the popular trading platform. The SEC has been quite negative on major platforms like Binance and Coinbase in 2021 and if Robinhood would enter the crypto platform space as well, it will certainly be put under the same scrutiny.

Robinhood burst into the limelight this year when the Reddit investor crowd, grouped together

It would be interesting to see how the SEC would view this wallet and associated crypto activities as the regulator has not been kind to other crypto platforms like Binance and Coinbase over the last few months and it would be necessary for them to apply the same standards for Robinhood as well.

The company (which Tesla CEO Elon Musk once called a Dogecoin Whale) reported that 63% of its accounts have traded crypto ever since they installed the app and thus a crypto wallet is probably a logical next step.

3DSculptor / Depositphotos.com