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The functionality was spotted in the coding of Robinhood’s iPhone app’s beta version.
According to Bloomberg, Robinhood is working on a new feature that will protect users from crypto price volatility.
Bloomberg Reports
Bloomberg reports that Robinhood is creating a new feature called “price volatility protection”. Price Volatility Protection intends at minimizing the impact of crypto price volatility on customers. It is based on iOS developer Steve Moser’s examination of new code found in a beta test version of the Robinhood iPhone app. According to the study, the code includes the following message:
“To protect your orders against price volatility, we may sometimes skip your recurring orders or buy less than your chosen amount.”
Robinhood experiments
A Robinhood spokesperson declined to clarify or explain the rumoured new feature.
Additionally, Robinhood is experimenting with a feature dubbed “round-up investments”. Round-up investments allow customers to buy certain stocks using “spare change”. It’s unclear if this money will come from rounded-up debit and credit card purchases, as competitors such as Acorn do.
Crypto – Robinhood’s Integral Part
During the dogecoin rise in May, Robinhood, which is going public this week, battled with partial outages. Therefore, prompting criticism and a loss of confidence from its user base along with regulators.
Crypto has become an increasingly integral part of Robinhood’s business model, with cryptocurrency transactions accounting for about 17% of its Q1 revenue, up from 3% last year.
Last week, at a virtual roadshow for investors, Robinhood CEO Vlad Tenev stated that growing and strengthening the company’s crypto products and the app’s security is a principal focus.