Robinhood Goes After Coinbase: Expands To Offer Crypto Wallet Services

The recognized exchange Robinhood, the California based US exchange, may be looking to expand their current portfolio of services to add wallet functionality and trade options for more kinds of cryptocurrencies. This according to a job offer published in the recruiting site Greenhouse, where they are looking to get the necessary manpower for this effort.
Robinhood entered the cryptocurrency trading business not long ago, with the novelty of offering fee-free trading services on its platform, being limited only by state laws. This being said, Robinhood started as a stock brokerage firm that let their users use their trading services for free, just collecting a monthly fee for a “gold” subscription, that let users have more advanced trading options.
It seems that this emerging exchange is looking to go further from where it is now, seeking manpower to effectively expand their platform to include extended functionality, such as wallet services. The job profile described in the application page is of a “Crypto Engineer”. In the description, there are two very important tasks that their Crypto Engineer will do:
“Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality”, what suggests clearly that they are thinking of adding their own wallet service. It is a logical move because it will allow users to move their cryptocurrencies directly from other exchanges and wallets without having to sell them first to invest.
“Utilize blockchains for new features or infrastructure”, this is a tougher one to interpret, because Robinhood is a trading site, not a development enterprise; but you can figure out that they could be planning to use or design an in-house blockchain system to solve trading related issues.
With this search for human resources, it is clear that Robinhood is trying to reach top market contenders such as Coinbase, with the added benefit that their fees are non-existent. Lately, Robinhood has also tried to get a banking license, to further expand their services and offer customers banking like products.

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