Zero-fee trading platform Robinhood is working on a new feature that will help protect users from crypto price volatility, according to a report from Bloomberg.
Bloombergâs report, which was based on iOS developer Steve Moserâs analysis of new code contained in a beta test version of the Robinhood iPhone app, claims Robinhood is developing a new feature called âprice volatility protection,â which is aimed at reducing the impact of crypto price volatility on users. According to the report, the code contains a message that reads: âTo protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.â
A Robinhood spokeswoman declined to explain or comment on the potential new feature.
Robinhood is also testing an option called âround up investmentsâ that will allow users to purchase specific stocks with âspare change.â Whether this money will come from rounded-up debit and credit card purchases as done by competitors like Acorn is unclear.
Robinhood, which is going public this week, struggled with partial outages during the dogecoin spike in May, leading to criticism and a loss of confidence from its user base as well as regulators.Â
Crypto has become an increasingly important part of Robinhoodâs business model, with approximately 17% of its Q1 revenue coming from crypto transactionsâup from 3% in Q1 of last year.
In a virtual roadshow for investors last week, Robinhoodâs CEO Vlad Tenev said that expanding and improving the companyâs crypto offerings and the appâs security, which Robinhood was recently fined for, is a priority.Â