Robinhood Begins Testing Crypto Wallet
By Michael Bellusci
Retail trading platform Robinhood Markets (HOOD) has launched a beta version of the company’s crypto wallet, selecting 1,000 customers from its waitlist.
Robinhood will expand the test to 10,000 customers by March before further expanding it to the rest of its WenWallets waitlist, according to a blog post Thursday.
The company said it will add a function for customers to calculate the dollar amount of crypto to send and receive. Beta testers will have a daily limit of $2999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication.
The testers will help Robinhood assess the wallet’s functionality and provide feedback to the company.
The beta rollout meets Robinhood’s previously communicated timeline, which called for the beta launch in early 2022
CEO Vlad Tenev said in October that demand for the wallet had been strong and that the company’s waitlist is now more than one million customers long.
Robinhood’s crypto revenues fell to $51 million in the third quarter, down from a record $233 million in the second quarter.
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