Robinhood Introduces the Next Phase of Crypto Wallets Program

Robinhood, a prominent American financial services provider, announced the next phase of its wallets program yesterday. The company has officially introduced the Beta program.

As part of the launch, Robinhood will roll out crypto wallets to 1,000 clients. By March this year, the firm aims to expand the program to almost 10,000 customers. Over the last few months, Robinhood has accelerated its efforts towards the development of its crypto wallet.

The rollout will enable the clients of Robinhood to send and receive crypto assets from the company to external digital wallets. As far as the Beta program is concerned, testers will have a daily limit of 10 transactions with total withdrawals of $2,999.

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product. Over the duration of the Beta program, we will finalize the send and receive flows, add delightful QR scanning experiences, improve the transaction history interface and add block explorer support to provide more insights into their on-chain transactions. We will also add the ability for customers to calculate the dollar amount of crypto to send/receive in terms of dollar amounts,” Robinhood noted.

Crypto Market and Robinhood

In 2021, Robinhood witnessed astonishing growth in the total number of crypto users. In the second quarter of 2021, the trading platform saw a massive jump in revenue. Over 50% of the company’s transaction-based revenue came from crypto trading. However, Robinhood restricted trading on Dogecoin temporarily last year after the digital asset jumped by more than 900% within a few hours. With the launch of its crypto wallet, the trading platform aims to connect its customers to the blockchain ecosystem in a secure manner.

“We’ve built world-class security integrations to monitor all transactions, ensuring that customers are able to both safely invest and transfer their crypto,” the company added.