Robinhood’s Crypto Wallet To Roll Out To 1,000 Clients As It Enters Beta

A popular US-based financial services provider, Robinhood, announced this Thursday, January 20th, that its upcoming cryptocurrency wallet is ready to enter the next phase of development. The wallet is entering beta, and as part of the launch, the company will grant access to the first 1,000 clients.

Robinhood rolls out the beta version of its crypto wallet

Over the next two months, Robinhood intends to continue the development and test the existing features with the help of the first batch of users. By March 2022, the firm intends to expand the program and roll out the wallet to 10,000 customers.

The company’s development of the wallet has accelerated over the last several months. With the beta version rolled out, Robinhood’s initial crypto users will be able to send and receive digital currency assets from the company to third-party wallets.

During the beta, the wallet will have a daily limit of 10 transactions, and the total that can be withdrawn within 24 hours will be $2,999. The company noted that beta testers will help with the testing of core functionality and that they will provide critical feedback that is crucial for the final version of the product.

Throughout this stage of the program, the company will finalize the send and receive flows, add the QR scanning, improve the transaction history interface, add support for the block explorer, and more. Robinhood’s goal for the wallet is to make transactions more transparent, to which end it also plans to add the ability to calculate “the dollar amount of crypto to send/receive in terms of dollar amounts.”

A massive spike in crypto usage causes Robinhood to turn to crypto

Robinhood saw unexpectedly high growth in the total number of digital currency users throughout 2021. This led to a massive jump in revenues in Q2 2021, with over 50% of the firm’s transaction-based revenue coming from cryptocurrency trading.

A big part of this came from Dogecoin (DOGE) trading, which spiked up in early 2021, alongside the coin’s price, which went from $0.05 in early April 2021 to $0.4 by April 19th and then to $0.68 around May 7th. However, after the asset jump over 900% in a matter of hours, the company concluded that it is too volatile and unstable, which led to temporary restriction of DOGE trading within its platform.

Robinhood’s wallet will return the platform to crypto trading, connect its customers to the blockchain ecosystem, and increase security. The company added that it created world-class security integrations that will allow it to monitor transactions and ensure that its customers can safely invest and transfer their coins.

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