Robinhood crypto wallets are now live

• Ayushi Abrol
• January 21, 2022

Working as a recognized online retail investing and brokerage portal, Robinhood Markets Inc has successfully rolled out the beta testing round for its highly-anticipated crypto wallet project. The decentralized wallet will help to enhance the operational capacities of the firm’s core ecosystem by facilitating easy withdrawals of cryptocurrencies for its users. In the initial beta testing phase, Robinhood has provided wallet access to 1,000 users who signed up to the waitlist for the newly-launched project.   

According to the report, the investors eligible to take part in the wallet testing will be allowed to withdraw crypto assets up to $2,999 worth. The platform has set the maximum limit of 10 transactions per day for the 1,000 users participating in the beta testing round. The selected wallet testers will be required to go through the Know-Your-Customer identification process in case they are not Robinhood users presently. They need to use a two-factor authentication app for successfully taking part in the Beta program.

Serving as a powerful financial service provider, Robinhood Inc is supported by Citadel Securities and is duly licensed by the New York State Department of Financial Services. The firm is actively involved in stock and crypto trading services and has managed to build a strong community of users for its brand name. Earlier in 2021 mid, Robinhood presented its waitlist to users making them wait anxiously for the release of the decentralized wallet for easy crypto trading. The final sign-up count to the waitlist in November was 1.6 million, involving nearly 7% of the total user community using the platform. Presently, Robinhood users cannot withdraw or store their tokens privately on the portal which often hampers their trading experience.

Over the duration of the Beta program, we will be working to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support so you can see your transactions on-chain— and more!https://t.co/db5afxwQWx

— Christine (Hall) Brown (@christine_hall) January 20, 2022

The reports suggest that the firm will increase the limit of wallet testers from 1,000 to 10,000 by March 2022 so as to give exposure to a wider class of investors. An official announcement by the team stated that the beta testers will aid the company to track the core operability capacity of the project. The important responses will provide crucial feedback that will eventually help to give the final touch to the project. The firm’s crypto COO Christine Brown tweeted that the firm will lay emphasis on finalizing the token flow across the channel, the addition of QR scanning, enhanced transaction history, and block explorer support while the beta testing is running well. The company is planning to launch a crypto exchange platform that will connect crypto fans to the industry easily.