Robinhood Might Add Crypto to Its Balance Sheet

Robinhood Crypto COO Christine Brown recently told Yahoo! Finance that the Menlo Park-based financial services company might add crypto to its balance sheet, following the lead of rival Coinbase.

Brown also said that Robinhood was looking into adding more cryptocurrencies:

Now, if you have more than the seven coins that we currently offer, we wont be able to fulfill that today. So, we are looking at extending our offering including even more coins so we can be the one-stop-shop for crypto customers.

As reported by U.Today, Robinhood announced that it would gradually start rolling out support for cryptocurrency wallets in October. Its shares are currently up 6% on the news.

Crypto has become a vital part of Robinhood's business, accounting for the majority of its transaction-based revenue in the second quarter. Dogecoin alone was responsible for 26 percent of the companys entire Q2 revenue.

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