Robinhood Launches Staking and Cryptocurrency Lending Services – Bits Media

Ahead of the IPO, Robinhood announced investments in cryptocurrency lending and staking services in addition to developing a cryptocurrency wallet.

As part of the presentation before the IPO this week, Robinhood CFO Jason Warnik (Jason Warnick) said, that the company is “actively investing in the development of cryptocurrency services: wallet, lending and staking services".

"We think, that great prospects are opening up before us, and we look forward to making more products available to customers.", He added.

Robinhood trading app allows customers to buy and sell cryptocurrency, but now traders cannot make money by lending out their assets or moving them to external wallets.

Back in March the company said, that it will soon launch a cryptocurrency wallet. At a presentation this weekend, firm executives repeated that promise., but did not name the exact release date of the wallet.

Earlier this month, information appeared, that the company's cryptocurrency wallet will interact with DeFi protocols. This may explain Warnick's mention of lending - a service, popular among DeFi protocols.

The company will go public this Thursday.. Expected, that the shares will sell at around $40 under the ticker HOOD. Robinhood said last week, which plans to attract more $2 billion through IPO.

Recall, that the number of Robinhood Crypto users increased by 558% for the first quarter 2021 of the year, and in April, the popularity of Dogecoin led to the failure of some Robinhood systems.