Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets

Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets

Trading platform Robinhood has announced the beta launch of its cryptocurrency wallets, which is set for mid-January. The company said 1.6 million people have signed up for the crypto wallets. Robinhood’s Crypto Wallets to Launch in Beta This Month

Robinhood announced this week the upcoming beta launch of its highly anticipated cryptocurrency wallets. The company unveiled its crypto wallet project in September to allow customers to trade, send, and receive cryptocurrencies using the Robinhood app.

Noting that 1.6 million people have signed up for its crypto wallets so far, the announcement details: In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.

Robinhood also revealed that during the wallet’s alpha launch, which recently wrapped up, “a tight-knit group” of customers from the waitlist tested the company’s first crypto wallet iteration “and shared detailed design and functionality feedback.”

For example, the alpha testers “requested signposting and explanations of terms like ‘network fees’ and ‘transaction ID.’” In response, the company said that it will provide more crypto articles and offer 24/7 phone support.

Robinhood added: We will be rolling out some additional security features for crypto transactions. These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer, and transaction checks to better understand the risk of where coins are being sent.

“While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain,” the trading platform noted.

In December, Robinhood partnered with Chainalysis to leverage the blockchain data analytics firm’s “data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely,” Chainalysis described. Tags in this story alpha launch, beta launch, crypto wallet launch, Robinhood, robinhood crypto app, robinhood crypto wallets, robinhood online brokerage, robinhood trading app, robinhood wallet, robinhood wallet app, robinhood wallets, trading app, wallet app

What do you think about Robinhood launching crypto wallets? Let us know in the comments section below. Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Young South African Engineer Rues Deleting Computer File Containing Keys to 20 BTC WALLETS | Aug 18, 2021 Jack Dorsey"s Square Building Bitcoin Hardware Wallet to Make Crypto Custody More Mainstream WALLETS | Jul 9, 2021

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