Robinhood Crypto Wallet Launches

By Kevin • January 20, 2022 9:59 pm • Comments

Robinhood, the popular stock and crypto trading and investing app, is now allowing crypto withdrawals for a small number of users who signed up for the waitlist program.

The long awaited crypto wallet that the company had announced a while back is now in the beta testing stage will essentially allow users to withdraw crypto directly from the platform without any intermediate steps or any third-parties involved.

The beta feature is going to be limited to the first 1,000 users and there will be initial limits of up to around $3000 as the company continues to do testing.

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Robinhood had initially announced this new feature back in mid-2021 where there was much enthusiastic demand.

The last report indicates that there have been almost 1.6 million people who had signed up for the waitlist which amounts to 7% of Robinhood’s total customer base.

As the feature rolls out and goes live for a few days, the company later plans to increase the number of users who have the feature to 10,000 by the end of Q1 in 2022.

CoinTelegraph.com reports:

While the current limit of testers is capped at 1,000, the company plans to raise the cap to 10,000 by March. A Jan. 20 announcement from Robinhood stated that:

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product.”Wallets testers will be required to perform know-your-customer (KYC) identification if they are not existing Robinhood users and use a two-factor authentication app.

Robinhood’s Crypto COO Christine Brown tweeted today that while the Beta program is ongoing, the company will work “to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support.”

Before the feature was released, crypto trading on the platform was in name only and profits could only be withdrawn in fiat currency.

With the addition of this feature and the use of actual exchange wallets, this could mark the shift in the platforms role as more than just a trading platform, but also as a full crypto exchange.

As a result, this would connect Robinhood’s broad audience which mostly consists of traders and investors in more traditional financial markets to the newer crypto markets.

Cryptonary.com reports on Robinhood’s statements on the release:

The Robinhood wallet waitlist was created in mid-2021 and since then, investors have been waiting for this moment.

On the other hand, to use the wallet, users will have to complete KYC or Know Your Customer process by providing additional documents.

The Crypto COO of the firm, took to Twitter to announce additional details. The wallet is being released in partnership with Chainalysis, as covered in our previous report.

The Crypto COO of Robinhood said in a tweet that the platform “will be working to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support so you can see your transactions on-chain.”

Robinhood is also aiming to add the ability for customers to calculate the dollar amount of the money they send or receive in crypto.

So far, reaction from Robinhood users are positive regarding the increasing functionality of the Robinhood platform.

Customers have long been waiting for crypto wallets and this latest feature from Robinhood makes the platform a perfect fusion of traditional finance markets and the blockchain markets.

 

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