Robinhood, the stock and crypto investment app, is working on a new feature that will help protect users from crypto price volatility.
According to Bloomberg’s report, Robinhood is working on a new trading feature named “price volatility protection”. The report is based on the code hidden inside a test version of the company’s iPhone app. The iOS developer Steve Mose discovered the code.
According to the report, the code contains a message that reads: “ To protect your orders against price volatility, we may sometimes skip your recurring order or buy less than your chosen amount”. The app will let customers know when this happens and will never buy more than a user’s chosen amount.
Robinhood is also developing an option called “round up investments”. It will allow users to purchase specific stocks with “spare change”. Code shows that the company is exploring a reward program that will give bonuses to those using round-up features.
As the price of Dogecoin boomed and crashed, Robinhood’s crypto trading platform suffered an outage. Still, investors have proven eager to use Robinhood to trade virtual currencies. The company brought in about $87.6 million. It is 17% of its Q1 revenue from cryptocurrency transactions, up from 3% in Q1 of last year.
Chief Executive officer Vlad said that Robinhood is working on building up to its crypto business during the company’s roadshow. He said introducing options like crypto wallets will be a priority at the firm without specifically mentioning volatility features.