Robinhood, a commission-free stock and cryptocurrency trading app, is looking to develop a cryptocurrency wallet for the users of its crypto-trading platform.
In the job advertisement, which revealed its plan, the company says the Crypto Engineer will be responsible for building out new functionality for its crypto product, such as adding new currencies or providing wallet functionality.
The Menlo Park, California-based financial services company had launched its no-fee stock trading app about three years ago. The company began options trading last year and limited cryptocurrency trading on February 22 this year. For now, the app supports only trading in Bitcoin and Ethereum.
In January, Robinhood had added 16 cryptocurrencies to its platform and allowed users to add them to their watch-list for monitoring price trends, create price alerts, and track news.
Robinhood offers commission-free investing in U.S. stocks, ETFs, options, and cryptocurrencies on its platform.
Its commission-free trading has thrown up a challenge to several cryptocurrency exchanges that charge up to 4 percent as trading fees. The company makes money only from interest earned on customers' cash balances, margin lending and subscription to premium services.
Over the next couple of years, Robinhood is reportedly looking to be a full-service consumer finance company. Bloomberg reported recently that Robinhood was in talks to obtain a US banking license, claiming they were in "constructive" talks with the U.S. Office of the Comptroller of the Currency (OCC).
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