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Robinhood Begins Testing Crypto Wallet

Robinhood Begins Testing Crypto Wallet

By Michael Bellusci

Robinhood app

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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Original source: https://www.coindesk.com/business/2022/01/20/robinhood-begins-testing-crypto-wallet/