2 years ago
265 The upcoming Robinhood crypto wallet will enable the users to deposit and withdraw Ether, Bitcoin, Dogecoin, and many other tokens. The crypto and stock trading app wants to roll out the beta version of its digital wallet feature from January 2022.
In a December 29 blog post, Robinhood stated that tens of thousands of users now on the waitlist for the trading application’s crypto wallet would have extensive access to the beta version beginning in mid-January.
This trading app confirmed that over 1.6 million people were already waiting for the wallet that will support depositing and withdrawing ETH, BTC, DOGE, and other tokens. Robinhood has been testing its digital wallet feature since it introduced it in September, finishing its first alpha transfer test, using Dogecoin (DOGE) on November 22.
Based on a statement by Christine Brown, the Robinhood chief operating officer, the beta rollout would primarily be focused on the security of users.
With wallets, we will be connecting millions of @Robinhoodapp customers to the blockchain, some for the first time.
This testing phase is crucial to a successful roll out – and we take that responsibility seriously.
Find the full Alpha review here: https://t.co/5StSYHgD1v
— Christine (Hall) Brown (@christine_hall) December 29, 2021
It also needs to offer education on cryptocurrency transactions and clarity around the network and gas fees. Robinhood stated:
“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. With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time.”
The share price of Robinhood (HOOD) on the NASDAQ appeared to be unmoved by the latest announcement. First deciding to go public in July, the stock has continuously dropped from an all-time high price of $70.39 on August 4 to trade at $17.03 at the time of writing, a loss of over 75%.
