Trading platform Robinhood announces upcoming launch of cryptocurrency wallets – Wallets

Trading platform Robinhood has announced the beta launch of its cryptocurrency wallets in mid-January. The company said 1.6 million people have signed up for the crypto wallets.

Robinhood’s crypto wallets will launch in beta this month

Robinhood this week announced the upcoming beta launch of its highly anticipated cryptocurrency wallets. The company unveiled its crypto wallet project in September, allowing customers to trade, send and receive cryptocurrencies using the Robinhood app.

Considering that 1.6 million people have signed up for its crypto wallets so far, the announcement includes the following details:

In mid-January we will start the wallet beta phase, which will be rolled out to thousands of customers from the waiting list.

Robinhood also revealed that during the wallet's alpha launch, which recently concluded, "a close-knit group" of customers from the waitlist tested the company's first crypto wallet iteration and shared detailed feedback on design and functionality.

For example, the alpha testers requested "signage and explanations of terms such as 'network fees' and 'transaction ID'." In response, the company said it would provide more crypto articles and offer 24/7 phone support.

Robinhood added:

We will introduce some additional security features for crypto transactions. These include multi-factor authentication in the app so we know it's you when you initiate a transfer, and transaction audits to better understand the risk of where coins are being sent.

“While some say 2021 is the year crypto went mainstream, the truth is that most people are still getting comfortable with the asset class and navigating blockchain,” the trading platform noted.

In December, Robinhood Partnering with Chainalysis to leverage the blockchain data analytics company's "data and tools to meet compliance requirements and give Robinhood customers the confidence they need to trade cryptocurrencies safely," Chainalysis described.

What do you think about Robinhood launching crypto wallets? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

Photo credits: Shutterstock, Pixabay, Wiki Commons