Robinhood Crypto Wallet Being Tested, Top 1,000 Users on Waitlist to Get Beta Version

Robinhood is counting on the first users of its wallet to test its core functionalities.

By Radhika Parashar | Updated: 21 January 2022 11:35 IST

Photo Credit: Reuters

Over 1.6 million people had signed up for Robinhood wallet waitlist by December 2021

Highlights

Beta testers will be able to send and receive cryptocurrencies
Robinhood is yet to finalise the send and receive flow
Robinhood will add improvements based on feedback

Robinhood, the popular US-based stocks and crypto trading app, has officially made the beta version of its crypto wallet live for 1,000 users who had registered for the waitlist. The company is counting on the beta testers to test core functionality of its wallet service. Users will be able to send and receive their cryptocurrencies via Robinhood's wallet. Last year, the company had revealed its plans of rolling out its beta wallets to customers in January 2022 and Robinhood has indeed come through.

“Over the duration of the beta program, we will finalise the send and receive flows, add QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions,” Robinhood said in an official blog post.

Christine Brown, the chief operating officer of Robinhood's crypto team posted about the development on Twitter.

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It is official! Our #WalletsBeta program has begun :purse::tada: We have started rolling out crypto Wallets to 1,000 customers from the WenWallets waitlist, which is still open btw :eyes::point_right: https://t.co/o1xzw1CF8W
— Christine (Hall) Brown (@christine_hall) January 20, 2022

For the next phase, the company will be expanding its wallet-testing programme to 10,000 users from its WenWallets waitlist. People can still sign-up for this waitlist to get their hands on the Robinhood wallet as soon as it rolls out on priority basis.

“We will also add the ability for customers to calculate the dollar amount of crypto to send/receive in terms of dollar amounts. Beta testers will have a daily limit of $2,999 (roughly Rs. 2 lakh) in total withdrawals and 10 transactions, and will need to enable two-factor authentication,” the company added.

Robinhood claims to have embedded security features around identity verification and authentication to its wallet offering amid crypto-related cybercrimes picking up pace in the US, as well as in other parts of the world.

In December last year, Robinhood had said that over 1.6 million people had already signed up for its wallet waitlist.

Robinhood has been working on expanding its service portfolio to cater to different needs of the investors.

For instance, in September 2021, the company launched a feature to allow users to regularly invest in their favourite coins — totally free of commission with as little as $1 (roughly Rs. 75) on a schedule of their choice.

Founded in 2013, Robinhood is headquartered in California, US. As per market monitoring firm Statista, the number of Robinhood users grew from half a million in 2014 up to 22.4 million in 2021.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Robinhood, Cryptocurrency, Crypto Wallet, Robinhood Wallet, Robinhood Crypto Wallet

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More