Robinhood Crypto Wallet Being Tested, Top 1,000 Users on Waitlist to Get Beta Version

Robinhood, the popular US-based stocks and crypto trading app, has officially made the beta version of its crypto wallet live for 1,000 users who had registered for the waitlist. The company is counting on the beta testers to test core functionality of its wallet service. Users will be able to send and receive their cryptocurrencies via Robinhood's wallet. Last year, the company had revealed its plans of rolling out its beta wallets to customers in January 2022 and Robinhood has indeed come through.

“Over the duration of the beta program, we will finalise the send and receive flows, add QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions,” Robinhood said in an official blog post.

Christine Brown, the chief operating officer of Robinhood's crypto team posted about the development on Twitter.

For the next phase, the company will be expanding its wallet-testing programme to 10,000 users from its WenWallets waitlist. People can still sign-up for this waitlist to get their hands on the Robinhood wallet as soon as it rolls out on priority basis.

“We will also add the ability for customers to calculate the dollar amount of crypto to send/receive in terms of dollar amounts. Beta testers will have a daily limit of $2,999 (roughly Rs. 2 lakh) in total withdrawals and 10 transactions, and will need to enable two-factor authentication,” the company added.

Robinhood claims to have embedded security features around identity verification and authentication to its wallet offering amid crypto-related cybercrimes picking up pace in the US, as well as in other parts of the world.

In December last year, Robinhood had said that over 1.6 million people had already signed up for its wallet waitlist.

Robinhood has been working on expanding its service portfolio to cater to different needs of the investors.

For instance, in September 2021, the company launched a feature to allow users to regularly invest in their favourite coins — totally free of commission with as little as $1 (roughly Rs. 75) on a schedule of their choice.

Founded in 2013, Robinhood is headquartered in California, US. As per market monitoring firm Statista, the number of Robinhood users grew from half a million in 2014 up to 22.4 million in 2021.