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Robinhood is testing its crypto wallet with first 1000 users

21 Jan 2022 : 01:30
2 min read
  • Robinhood Beta testing their crypto wallet with first 10000 users
  • The list is set to expanding to 10,000 people by March 2022
  • Robinhood users can now send and receive their crypto to other wallets

Robinhood, a popular online retail investing platform, is finally testing its crypto wallet which is still in the beta version. The wallet will now finally enable users to withdraw crypto from the platform without any issue. The new development was confirmed by Robinhood via its official blog.

Robinhood wallet Beta program

Robinhood said in its announcement that the Beta program is now live and the first 1000 people who have signed up for the “Wallets” waitlist will get to use the wallet and withdraw their funds. The platform also said that before rolling out to the rest of the WenWallets waitlist, by March it will expand the Beta program to 10,000 users.

As per the Robinhood announcement, the wallet “will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets, and fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time.”

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product,” the firm believes

More to come

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. The blog also stated that the “Beta testers will have a daily limit of $2999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication.”

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