Robinhood introduces the beta version of its crypto wallet

Robinhood is one of the leading crypto assets exchange platforms that faced a hit due to privacy concerns. However, the platform unveiled plans to introduce its crypto wallet last year. In recent developments it is announced that the exchange platform has commenced its cryptocurrency wallets. Notably, it has selected 1000 clients from a waitlist. And those selected customers are offered access to the wallet’s beta version for testing purposes. Moreover, the firm has plans to expand the clients to 10,000 by the end of the Q1 2022.

Robinhood launches its crypto wallet

In a recent announcement, Robinhood, the retail trading market, has revealed that it has launched a beta version of its cryptocurrency wallet. In the current scenario, the firm has selected only 1000 members from the waitlist for testing purposes.

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However, the platform has clarified that it will try to expand the test to 10k clients by March of this year. Notably, the test will continue before further expanding it to the rest of its WenWallets waitlist as per an official blog post.

Users can calculate dollar amount of crypto

The official blog also revealed that the users of the Robinhood crypto wallet will be offered a function to calculate the dollar amount of crypto. Indeed, the users can calculate the amount of the cryptocurrency to send and receive. Moreover, it is noteworthy that the beta testers will only have a limit of $2999 in total withdrawals and 10 transactions. 

To access the wallet users will have to enable two factor authentication. Ultimately, the testers will help the platform to assess the functionality of the cryptocurrency wallet and provide feedback to the firm.

More than a million users are in waitlist

Robinhood had announed last year itself regarding the launch of its crypto wallet. At the time, the team behind the firm highlighted that they will introduce the beta version of the wallet in early 2022. Notably, Vlad Tenev, the ceo of the firm had previously cited that the demand for the product had been strong. Moroever, it is notable that currently the waitlist has more than a million clients.

However, due to privacy concerns, the crypto revenue of Robinhood had fell from $51 million in the third quarter of the last year, from the level of $233 million.