Zero commission stock and crypto trading app Robinhood posted a job advertisement on June 26 for multiskilled cryptocurrency engineers. The company is seeking people with at least one year of experience in the industry to help develop crypto products for the company. It didn’t specify which services the new employee could work on but has sparked rumors about a possible wallet application.
What Does the Posting Say?
The job posting defines the company’s plans for expansions, albeit vaguely. It read:
“What has been created so far only scratches the surface of how Robinhood envisions cryptocurrencies to play a role in our user’s lives.”
Per the description, the engineers will have to work on the following:
- Build out new functionality for our crypto product, such as adding new currencies or providing wallet functionality.
- Utilize blockchains for new features or infrastructure.
- Design a solution with other engineers and the ops team to fix a scalability problem and then implement it.
- Act as a manager or tech lead, depending on past experience.
The company is looking for candidates with strong engineering skills and over one year of blockchain or crypto development experience. They also seek someone with a good understanding of REST API design and relational databases.
The Story Behind the Move
Robinhood raised $363 million last month to expand its crypto offerings. It is highly likely that the company wants to start its own custodian wallet services.
Jack Randall, who is the head of communications at the company, noted:
“No timeframe to share, though people are constantly asking for the ability to transfer their coins into Robinhood.”
Bloomberg reported earlier this month that the company is keen to obtain a US banking license. Coupled with its wallet ambitions, Robinhood could shake the foundations of Coinbase’s business in the U.S.
Coinbase, the biggest crypto exchange charges a 2% commission on all transactions while Robinhood follows a commission-free model in both stocks and cryptocurrencies. Coinbase, however, is busy creating products for institutional investors.