Robinhood users may soon be able to withdraw crypto for the first time

The Robinhood trading platform is reportedly testing a long-awaited digital wallet feature that allows users to send and receive cryptocurrencies like Bitcoin (BTC).

Bloomberg reported the rumor on Tuesday. The publication claims to have seen screenshots of a withdrawal interface in a beta version of the wallet feature in Robinhood's iOS app.

While the details are sparse, Bloomberg also claims to have seen a waiting list for users to sign up for the new digital wallet. "The app also has a code related to cryptocurrency transfers," the report said.

Robinhood users can currently only buy crypto with US dollars and trade digital assets on the platform as the app does not support crypto deposits and withdrawals.

Robinhood's crypto traders have long pushed the company to roll out a deposit and withdrawal feature for digital assets, with calls growing this year as fiery Dogecoin fanatics gathered on the platform.

In a conference call on the quarterly results on Aug. 19, Robinhood CEO Vlad Tenev announced that the company is finally considering rolling out a crypto wallet.

"I know that the crypto community, and especially the Dogecoin community, are very enthusiastic about the introduction of wallets," said Tenev, emphasizing that the company is eagerly awaiting the introduction of the new feature.

Robinhood first traded Bitcoin (BTC) and Ether (ETH) for customers in five US states in 2018. Since then, Robinhood has expanded its altcoin support and currently allows merchants based in all but four US states to access its crypto features.

Crypto services have become a significant part of Robinhood's revenues in 2021, with the second quarter report showing that about 41% of the $ 565 million in revenues came from crypto trading. In contrast, the company made $ 5 million from crypto trading throughout 2020.

Earlier this month, the company expanded its crypto offering by introducing a recurring crypto investment feature that allows users to rate crypto positions with an average value in dollars.

Robinhood isn't the only vendor looking to expand its support for cryptocurrencies as more and more mainstream companies announce they will be enabling payments for digital assets.

Cointelegraph reported Thursday that AMC Entertainment plans to accept movie ticket payments in ETH, Litecoin (LTC) and Bitcoin Cash (BCH) by 2022. The company announced back in August that it would support Bitcoin payments.

On Wednesday, software giant Adobe also announced that merchants using its Adobe Commerce product will be able to accept payments in cryptocurrencies via PayPal from the fourth quarter of this year.