Robinhood’s crypto wallet is now operational, allowing the first 1,000 users to make cryptocurrency withdrawals.
Robinhood Markets revealed in November that 1.6 million users are on the waiting list for their bitcoin wallets.
However, the first 1,000 customers on the waiting list to sign up for a “wallet” will be able to participate in this beta test and trade their bitcoin from Robinhood with an external crypto wallet.
Although the number of participants is now limited, Robinhood intends to increase to 10,000 in March. And expect to make it available to the broader public in 2022.
According to the firm, beta testers will have a total daily withdrawal limit of $2,999 and a 10-transaction maximum of $2,999, and two-factor authentication will be required to be activated.
Christine Brown, Robinhood’s Crypto COO, tweeted today that the company’s team will finish the send and receive streams and offer a nice QR scanning experience, enhanced transaction history, and support for block explorers.
This is yet another significant achievement for Robinhood’s bitcoin wallet. Before releasing the beta version of this wallet, Robinhood customers could only trade cryptocurrency and could not withdraw or privately store any cryptocurrencies bought on the platform.
The beta version of the crypto wallet allows Robinhood clients to send and receive cryptocurrencies from Robinhood to external cryptocurrency wallets, and it will for the first time fully connect Robinhood crypto holders to the greater blockchain ecosystem.
Robinhood has created world-class security integrations to monitor all transactions, guaranteeing that consumers can invest and move cryptocurrency safely.
On December 30, cryptocurrency and stock trading app Robinhood announced that the beta phase of cryptocurrency wallets will begin in mid-January 2022. Customers on the waiting list will be able to deposit and withdraw Bitcoin, Ether, Dogecoin, and other cryptocurrency tokens.