Robinhood Job Ad Sparks Rumors It Will Launch Cryptocurrency Wallet

Stock and crypto trading app Robinhood became the subject of rumors June 26 after the company posted a job advertisement for multiskilled cryptocurrency engineers.

The vacancy, which comes one month after Robinhood raised $363 million to expand its Robinhood Crypto spin-off, makes specific reference to wallet creation, leading to speculation from commentators it plans to offer its own in-house storage option.

“What has been created so far only scratches the surface of how Robinhood envisions cryptocurrencies to play a role in our user’s lives,” the description reads.

“The cryptocurrency team is responsible for pioneering how Robinhood integrates with the various blockchains and networks as we expand our features.”

Specifically, prospective candidates will be required to “build out new functionality… such as adding new currencies or providing wallet functionality,” as well as “utilize blockchains for new features or infrastructure.”

When asked by Cointelegraph to issue a statement on the rumours, Robinhood’s head of communications Jack Randall commented:

“We can confirm the job posting. No timeframe to share, though people are constantly asking for the ability to transfer their coins into Robinhood.”

Earlier this month, anonymous sources close to Robinhood told Bloomberg plans were also afoot to obtain a US banking licence, with “constructive talks” ongoing between executives and regulators.

The two advances together would place Robinhood in a position to compete with market stalwart Coinbase which, as Cointelegraph reported in May, is also seeking banking rights.