Robinhood will start rolling out crypto wallets

[ad_1]

Robinhood Markets is rolling out crypto wallets for 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post on Thursday (January 20).

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

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.

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

Beta testers will have a daily limit of US$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.

[ad_2]