Robinhood rolls out testing for its crypto wallet

The Robinhood stock and crypto exchange platform has launched a cryptocurrency wallet. The platform had promised users this product, and it will now be available to the first 1000 people on its waitlist.

However, the wallet has been launched on a beta phase, with improvements and broader access coming later.

Robinhood to launch a beta crypto wallet

In a blog post, Robinhood noted that it would increase the wallet’s access to 10,000 customers by March. The exchange noted this would be a notable milestone in enabling users on the platform to receive and send their cryptocurrencies from Robinhood to external wallets.

Users that will have access to this beta wallet will test the functionality and provide feedback that will be used to develop the final version of the wallet. The platform noted that continuous improvements would be made during the beta phase.

“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 $2999 in total withdrawals and 10 transactions and will need to enable two-factor authentication,” the blog post added.

The demand for this crypto wallet has been high. In October, the exchange’s CEO, Vlad Tenev, noted that the waitlist had surpassed one million customers. Once the final product is launched, this wallet could record an influx of users.

Boost user access to decentralized blockchain ecosystems

Robinhood, which benefited from the meme coin trading frenzy last year, will allow its users to access other blockchain platforms through this wallet. Users on the exchange have been asking for the rollout of an external wallet, as they were only restricted to trading cryptocurrencies on the platform, while Robinhood held their cryptocurrencies for them.

Through this new offering, users on Robinhood can swap cryptocurrencies with other assets on decentralized exchanges. This will allow them to access decentralized finance (DeFi) offerings such as staking, lending and borrowing.

The post added, “connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking.” The exchange further noted that it would be launching these wallets with a “safety first” approach.

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