New proposed Robinhood features will allow users to invest their spare change and protect against volatile cryptocurrency trading, Bloomberg reported.
The news comes from a code hidden in a test version of the Robinhood iPhone app, according to Bloomberg. With its upcoming “round-up investments” idea, Robinhood will let users invest their spare change in particular stocks.
The code also showed a rewards program the company is working on which will give bonuses to those using the round-up feature, Bloomberg reported.
Investing spare change has been popular among newer stock traders, and it has been done before as a vital part of other apps like Acorns, Chime and Wealthsimple, according to Bloomberg.
While the code doesn’t say where the spare change will come from, Bloomberg reported, other apps usually do it via a connection of a credit or debit card, rounding up the change to the nearest dollar and automatically investing the difference.
Another new feature is the volatility safeguard, which the code showed will entail skipping recurring orders or ordering less than the customer’s chosen amount at times as a way to guard against volatile prices, according to Bloomberg. Robinhood CEO Vlad Tenev has said he wants to build up the company’s crypto business in general, which will include debuting a crypto wallet in the future.
Earlier this mont, Robinhood announced that it would be rolling out retirement accounts for U.S. customers. Tenev said this was because the company was looking to add more services and had heard many times from customers that they wanted retirement accounts.
“We want to make first-time investors into long-term investors,” Tenev said at the time.
In addition, Robinhood opened its initial public offering (IPO) trail with a roadshow open to any investors, including smaller retail traders, rather than the large hedge funds such offerings are usually geared for.
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