A limited number of users who joined up for the crypto wallet queue program will be able to withdraw cryptocurrency from the popular stock and cryptocurrency trading site.
Robinhood, an online retail investing platform, has released its long-awaited crypto wallet for beta testing, allowing customers to withdraw cryptocurrency from the platform for the first time.
The first 1,000 people who sign up for the ‘Wallets’ queue will be able to participate in beta testing. Wallet testers will be able to withdraw bitcoin worth up to $2,999 in a maximum of 10 transactions each day.
Citadel Securities-backed Robinhood is a financial services platform that facilitates stock and cryptocurrency trading. Since the start of the waitlist in mid-2021, Robinhood’s crypto purchasers have been anticipating the introduction of Wallets. Brown stated in November that the most recent public tally of sign-ups to the waitlist stood at 1.6 million, or around 7% of its entire user base.
While the current limit for testers is 1,000, the corporation intends to expand it to 10,000 by March. According to a Jan. 20 announcement from Robinhood:
“Beta testers will assist us in testing core functionality and provide essential feedback to guide the final product version.”
Wallets testers will be asked to do know-your-customer (KYC) identification and use a two-factor authentication software if they are not existing Robinhood users.
While the Beta program is still active, Robinhood’s Crypto COO Christine Brown tweeted today that the firm will strive “to finish the send and receive flows and provide delightful QR scanning experiences, enhanced transaction history, and block explorer functionality.”
Until the advent of Wallets, any crypto purchased on the platform could not be withdrawn or privately kept, therefore making it a crypto transaction in name only.
Robinhood’s burgeoning crypto segment, on the other hand, is starting to resemble a full-fledged crypto exchange, which the business claims will “completely connect Robinhood crypto holders to the larger blockchain ecosystem for the very first time.”
Dogecoin (DOGE) is the coin of choice for many of its traders. DOGE accounted for 41% of overall revenue at Robinhood in Q2 2021 and 19% in Q3. There is also speculation that the company will float Shiba Inu (SHIB), as Robinhood co-founder Vlad Kardapoltsev recently commented on the growing number of SHIB token holders.
Brown noted that the listing of SHIB would be contingent on regulatory feasibility.
In after-hours trading, the share price of Robinhood (HOOD) has reached an all-time low of $13.50.