Robinhood to launch its promised bitcoin wallet – CVBJ

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Highlights:

The service will only be released in beta, after the completion of an initial testing phase.

The developers explain that it focuses on user experience, security and simplicity.

In mid-January, the popular Robinhood trading platform will launch the beta version of its wallet for bitcoin (BTC) and other cryptocurrencies. In conjunction with the application of the exchange, the new product will provide users with an additional supplement to buy, sell, send and receive crypto assets.

Until now, it was not clear which cryptocurrencies would be available for storage in the new Robinhood wallet. However, it is to be expected that those that can be traded on your exchange are also those that can be saved in the wallet. These are bitcoin, ether (ETH), bitcoin cash (BCH), flex (FLEX) and ripple (XRP).

According to what was reported by the company itself in a blog post, more than 1.6 million people have signed up to buy their Robinhood wallet. More than half of them did so within 30 days of their announcement in September, as CriptoNoticias reported.

This beta is the result of a previous phase, called alpha. In it, a selected group of users were invited to test the product and provide feedback. In addition, customers on the waitlist were also surveyed to find out which features to allocate more attention and resources to.

On her blog, Robinhood showed a screenshot of the first upload made with the alpha version of her wallet. Source: Robinhood.

Among the most requested features, the company highlighted the user experience-based interface, the offer of educational content, the clarity to display the network commissions and the possibility of having a single address for all crypto currencies. The latter is not possible, because, as explained in the letter, each network has its own address for sending and receiving cryptocurrencies.

Robinhood and a strong need for increased security

In the same statement, Robinhood points out that delivering on-chain wallets to millions of customers is a big challenge, and that security is the number one thing they have in mind for the “orderly” launch of this wallet. To do this, they detail, they will integrate functions such as multi-factor authentication in the application and requests for confirmation of transactions.

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This is an issue that has taken on even more importance for the company from certain episodes that occurred in 2021. As reported by this media, the platform suffered a hack that led to the sale of data of seven million its users on the dark web.

Before, in 2020, another fact of insecurity affected the clients of the exchange. On this occasion, 2,000 people suffered the theft of their funds in fiat, bitcoin and other crypto-currencies.

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