Robinhood will start rolling out crypto wallets

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Representations of the virtual currencies Ripple, Bitcoin, Etherum and Litecoin are seen on a PC motherboard in this illustrative image, February 14, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

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Jan 20 (Reuters) – Robinhood Markets Inc (HOOD.O) is rolling out crypto wallets for 1,000 users, allowing them to send and receive cryptocurrency through their brokerage accounts, the company said in a news article on Thursday. blog.

The Menlo Park-based online brokerage had planned to start testing cryptocurrency wallets last year, aiming for a wider rollout in 2022. read more

Out of nearly 1.6 million people on a waiting list for the crypto wallet, the top 1,000 selected can now trade their Robinhood crypto with external crypto wallets.

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The new feature also connects holders of the digital asset to the blockchain ecosystem.

Beta testers will have a daily limit of $2,999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication, the company said.

Robinhood, which has benefited from a retail boom during the pandemic, plans to expand the program to 10,000 customers by March.

Its customers have long demanded crypto wallets, which enable broader participation in blockchain-based ecosystems, such as purchasing virtual assets like non-fungible tokens (NTFs) on the Ethereum network.

The company is expected to release its fourth quarter results on Jan. 27.

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Reporting by Mehnaz Yasmin in Bangalore; Editing by Devika Syamnath

Our standards: The Thomson Reuters Trust Principles.

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