Robinhood starts beta testing of crypto wallet

Months after revealing plans to launch its own crypto wallet, the popular US-based investment app Robinhood has rolled out the wallet’s beta version to test its features amongst 1,000 users selected from the waitlist.

Until now, Robinhood users were able to trade Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and other cryptocurrencies on its brokerage app, but withdrawals to external wallets and deposits from outside were still not possible.

As the app’s beta testing goes live, the 1,000 users selected will be able to send and receive crypto assets from Robinhood to external crypto wallets. By March, the online brokerage firm plans to scale its program to 10,000 customers and later on, to the rest of the 1.6 million people sitting on its WenWallets waitlist.

Explaining the role of beta testers, the company explained in its blog post:

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product. Over the duration of the Beta program, we will finalize the send and receive flows, add delightful QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions.”

For the time being, the beta version will be limited to a maximum of 10 withdrawals and $2,999 in total withdrawals daily per user, along with enabling two-factor authentication.

Robinhood currently offers trading in seven crypto assets: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), and Ethereum Classic (ETC). In addition to crypto, the investment app handles more than 5,000 stocks, ETFs, and options.

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