Robinhood announces beta launch of crypto wallet

[ad_1]

Robinhood explained how the crypto wallet will work, with comments on the design, wallet addresses, and network / gas fees.

Robinhood has announced the upcoming beta launch of its cryptocurrency wallets, a project first unveiled in September to enable customers to exchange, send and receive cryptocurrency using the Robinhood app.

The commission-free trading platform will launch the beta phase of the portfolios in mid-January, which will roll out to thousands of waitlist clients.

Find us on Telegram

1 million registrations on the waiting list in less than 30 days

Since September, Robinhood users have flocked to the crypto wallet waitlist, according to the trading platform, which found that one million clients signed up in less than 30 days and more than 1.6 million. have already joined the waiting list before launch.

“We have heard the echo of ‘Wen Wallets’ on the internet for a long time, but even we were surprised at how excited our clients are about wallets,” the company said. new products as quickly as possible, creating portfolios and connecting our millions of customers “on-chain” (connection with the blockchain) is a big business. We take this responsibility seriously, which is why we deploy portfolios methodically and in keeping safety in mind first.

The Alpha program was closed after fulfilling its role of feedback. A tight-knit group of wallet waitlist clients tested the first iteration of crypto wallets and shared detailed design and functionality feedback with the team.

According to the company, the Alpha testers wanted a distinctly Robinhood experience: a customer-centric, design-driven approach. They also asked for signage and explanation of terms such as “network charges” and “transaction ID”. The company will also provide and add educational content and 24/7 phone support.

Robinhood also commented regarding wallet addresses and network / gas charges. “Our survey showed us that expectations differ based on experience – 66% of customers who do not currently have a crypto wallet expect to have one address for all their transactions. This is not the case. , because each network will have a different address to send and receive coins when chaining, so each coin will have its own wallet address ”.

As always, crypto trading on Robinhood will remain commission-free, but on-chain transactions generally require network fees, which are decided by the network and can fluctuate based on a number of factors, including current demand. for each network. Alpha testers want this information at the time of transfer in a way that is easy and understandable. “

FinanceFeeds webinar: expert panel to discuss market data for multi-asset brokerage firms

Robinhood acquired Cove Markets to handle execution complaints

In mid-December, Robinhood announced the acquisition of Cove Markets, a cross-exchange trading platform that makes it easier for people to manage their crypto accounts. The Cove Markets team, including co-founders Scott Knudsen and Victor Glava, will join the Robinhood crypto team.

Robinhood Crypto was launched in 2018 with a mission to make crypto more accessible and easier to understand, while continuing to offer commission-free fees.

The Cove Markets team will help Robinhood improve their crypto trading platform, with a focus on achieving quality executions for clients in the crypto market.

Public.com is an equity trading platform that rivals Robinhood and now throws stones at the PFOF model while claiming that it has achieved “better quality of execution on average for clients” than the competition that rely on the PFOF of market makers, such as the relationship between Robinhood and Citadel Securities.

[ad_2]