Robinhood Crypto Wallet Beta will launch in January

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Key takeaways Robinhood is set to offer its cryptocurrency wallet to tens of thousands of users starting in January. The cryptocurrency wallet will allow users to withdraw from crypto for the first time since the addition of crypto trading in 2018. Robinhood has yet to announce when the wallet will exit beta or be available to the general public. . Share this article

Robinhood, a popular crypto and stock trading app, is set to showcase its cryptocurrency portfolio with an upcoming beta program.

The beta phase will start in January

Robinhood is preparing to launch the beta of its cryptocurrency wallet next month.

The company revealed in a blog post on Wednesday that the alpha testing phase of its wallet app is now complete. During this phase, the company “sought feedback from a close-knit group of customers” who gave their opinion on the design and functionality.

Next, the Robinhood will open its beta testing program to thousands of waitlisted users. Its cryptocurrency COO, Christine Hall Brown, suggested the feature would be made available to “tens of thousands of customers.”

In its announcement, Robinhood revealed some features requested by these users, such as educational content, multiple wallets for different crypto assets, and security features.

In particular, Robinhood intends to clarify transaction fees by distinguishing its own commission-free services from blockchain fees. “Alpha testers want[ed] this information at the time of transfer in a simple and understandable way, ”he explained.

Robinhood is primarily a stock trading app. It initially allowed users to invest in Bitcoin and other cryptocurrencies in 2018.

However, in the absence of a crypto wallet feature, users could only withdraw their cryptocurrency investments as cash balances. This limitation has been widely criticized by the crypto community, and Robinhood initially announced that it would introduce crypto wallets into its application in September 2021.

Robinhood said the waitlist for its wallets had attracted 1 million users within 30 days of the announcement. He also said that more than 1.6 million people have registered in total.

The company has not disclosed when the final version of its wallet will be available to the general public.

Disclosure: At the time of writing, the author of this article owned BTC, ETH, and other cryptocurrencies.

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