Robinhood is reportedly testing a cryptocurrency wallet and transfer features. Meanwhile, the firm is set to face some new competition, with Revolut getting the US regulatory greenlight to start offering commission-free stock trading.
The crypto wallet, currently in beta for iOS users, allows users to store all of the digital currencies, protected by a private key, according to Bloomberg. Users can send and receive the likes of bitcoin without having to convert it to fiat.
News of the trial comes as Robinhood reveals that 63% of its accounts have traded crypto in the last 12 months, much of it involving meme currency dogecoin.
Separately, Revolut has secured a broker-dealer license that means it can challenge Robinhood and others in the massively popular retail trading arena, according to CNBC.
The UK's most valuable private fintech, with a $33 billion valuation, Revolut has set its sights on the American market, where it launched last year.
The US stock trading feature will launch within the next few months, allowing customers to buy ETFs and Nyse and Nasdaq-listed companies, with fractional trading to follow, says CNBC.