Robinhood is looking to become heavily involved in the crypto space with possible DeFi features.
Robinhood could launch DeFi features in the future
Leading brokerage platform Robinhood is looking to expand its presence in the cryptocurrency space. The broker is already working on allowing its users to withdraw their cryptocurrencies to external wallets.
However, Robinhood might be going a step further by entering the decentralized finance (DeFi) space. In an interview with Decrypt this week at the Messari Mainnet conference in New York, Robinhood Crypto COO Christine Brown said the company is looking to introduce DeFi features to its users.
She said, “We would love to give more opportunities for our customers that would actually make [crypto] a utility in their lives and not just an investment asset.” The COO had already pointed out that staking, lending, and other decentralized finance tools are currently under consideration.
Robinhood’s expansion could make it more of an exchange
Although Robinhood is a brokerage platform, the services it intends to introduce would make it more of a cryptocurrency exchange. By launching DeFi features such as staking and lending, Robinhood would be offering services similar to exchanges like Binance, Coinbase and Kraken.
Last week, the company confirmed that it would allow its users to send and receive the supported cryptocurrencies from external wallets with ease. This would allow users to transfer their cryptos from their Robinhood wallets to other third-party wallets.