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Robinhood is planning to introduce a feature on its crypto and stock trading app that is aimed at better protecting users from digital currencies’ price volatility. Reports of the safety feature resurfaced just days before the company’s scheduled initial public offering (IPO).
Robinhood is working on a feature for its stock and cryptocurrency trading app called “price volatility protection,” according to Cointelegraph. Depending on the fluctuations in a digital currency’s price, this feature would modify certain crypto orders.
The app “may sometimes skip your recurring orders or buy less than your chosen amount” according to a message in its code. This is done to protect crypto traders in cases of highly volatile price movements.
However, the changes in the orders will not be implemented automatically as the app will still inform the trader before executing its recommended actions. In addition, the app will not make purchases greater than the amount originally entered by the user.
“We’ve been doing a lot of work behind the scenes to provide our crypto customers with the functionality that they’ve been asking for,” Robinhood CEO Vlad Tenev told Bloomberg. “We want to introduce new features safely, and there’s a lot of items we have to get right from the start.”
Reports of such feature first surfaced in January when the platform temporarily halted instant deposits for crypto purchases citing “extraordinary market conditions.” The company is likely referring to the price movement of Dogecoin (DOGE) at that time, which surged by more than 900 percent.
Robinhood will start trading on Nasdaq on July 29 marking its debut as a public company. The company plans to raise up to $2.3 billion via its initial public offering, according to CNN.
Experts say that the IPO could value the trading app at $35 billion. Should this happen, Robinhood would become more valuable than around two-thirds of the firms in the S&P 500.
Image: Tech Daily
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