Retail trading app company Robinhood announced Crypto Wallet Beta
On Thursday, Retail trading app company Robinhood announced that its digital wallet beta program has gone live where a beta version of its crypto wallet was launched. Only 1,000 customers on the waitlist will be able to use the wallet. The platform has a plan to expand up to 10,000 users by March.
As part of their expansion into the crypto space, Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) would be able to be deposited and withdrawn. As per a post, the wallets will enable users of Robinhood to send and receive their crypto. During the Beta program, Robinhood also intends to add a QR scanning facility and improve the transaction history interface. Also, add block explorer support. Further, it will add a new function to calculate the dollar amount of crypto sent/receive from Robinhood to external crypto wallets in terms of Dollar amounts. Users will be able to purchase crypto on Robinhood and transfer it to another wallet so they can swap assets on decentralized exchanges such as Uniswap or engage in any number of Defi applications. There will be a daily limit of $2999 in total withdrawals and 10 withdrawal transactions. The two-factor authentication will need to be enabled. This enables Robinhood crypto holders to fully connect to the greater blockchain ecosystem for the very first time.
Users trading in cryptocurrencies such as Bitcoin and Dogecoin via the app have been limited to buying and selling. As per Robinhood, the new feature will fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time.
As per Statista, the number of customers in 2014 was 500,000, and in 2021 it was more than 20 million. Currently, Robinhood supports the buying and selling of 7 cryptos including are Bitcoin SV (BSV), Bitcoin Cash (BCH), Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Ethereum Classic (ETC), and Ethereum (ETH).
CBW - External Analyst