Robinhood Beta Crypto Wallet To Launch In January

The Robinhood BETA crypto wallet will launch in January, soon after New Year’s eve so let’s read more today in our latest crypto news.

Robinhood is preparing to offer its crypto wallet to thousands of users starting in January. The Robinhood Beta crypto wallet will allow users to withdraw crypto for the first time since trading was added in 2018. Robinhood hasn’t announced yet when the wallet will leave BEta or become available to the general public. Robinhood is a popular crypto and stock trading app and it is now closer to introducing the crypto wallet with its beta program.

Robinhood is preparing to launch the beta version of the wallet next month. The company revealed that the alpha phase of the wallet app is complete and during this phase, the company was looking for feedback from a group of customers that gave feedback on the design and the functionality. Up next, Robinhood will open its beta testing program to thousands of users, and its COO Christine Brown, suggested that the new feature will be available to even tens of thousands of users. In the announcement, Robinhood revealed some features that the users asked for like educational content, multiple wallets for crypto-assets, and security features.

Robinhood aims to clarify transaction fees by distinguishing the zero-commission services from blockcahin fees:

 “Alpha testers want[ed] that information at the time of transfer in a simple and understandable way.”

Robinhood is mainly a stock trading app and it allowed users to invest in BTC as well as other cryptocurrencies in 2018. In the absence of wallet features, however, users were able to withdraw their crypto investments as cash balances and this limitation was criticized by the crypto community which is why Robinhood announced that it will introduce crypto wallets to the app in September 2021. Robinhood said that the waitlist for its wallets attracted 1 million users in 30 days of the announcement and also noted that it added 1.6 million people that signed up in total. The company didn’t really reveal when the final version of its wallet will be available to the general public.

As recently reported, Robinhood partnered with Chainalysis in order to create a better system for monitoring money laundering and said that it is putting safety first for its users.