Robinhood Markets Inc’s (NASDAQ:HOOD) Cryptocurrency Chief Operating Officer Christine Brown in an interview with Decrypt hinted that the platform might let its user dabble in decentralized finance or DeFi.
What Happened: Brown told Decrypt the move to let users move cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) that they own off the Robinhood app is leading to “opening up a broader crypto ecosystem.”
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“It also enables users who want to consolidate on a single platform to come to Robinhood, get commission-free trading, and all the benefits that we have on our app.”
In an interview with Decrypt this week, Brown pointed out that Robinhood would like to bring its customers the utilitarian aspects of cryptocurrency while talking about opening up DeFi exploration.
“We would love to give more opportunities for our customers,“ Brown said at the Messari Mainnet event this week.
As per the executive, this would “actually make [crypto] a utility in their lives and not just an investment asset,” reported Decrypt.
Why It Matters: At the event, Brown and fellow Robinhood executive Johann Kerbrat did not spell out the exact details but dropped hints on allowing DeFi.
Kerbrat said, “We can’t tell too much about our roadmap, but something I’m really excited about is staking in general,” pointing to rising inflation and non-yield-producing savings account
Brown also reportedly hinted at non fungible token or NFT support if it was warranted by customer demand.
Robinhood is set to test cryptocurrency wallets with blockchain transfers next month with a broader rollout due in early 2022.
Customers of the platform have been requesting cryptocurrency wallet features in order to participate in NFT and decentralized finance markets.