Wallets

Robinhood rolls out beta testing for crypto wallet

Robinhood rolls out testing for crypto wallet

Financial services platform Robinhood has begun beta testing for a crypto wallet that enables external transfers for popular assets including Bitcoin, Ethereum and Dogecoin.

Robinhood rolled out beta testing to an initial pool of 1,000 customers that signed up to an early waitlist for the product. It also noted its future ambitions for the beta testing, saying “by March, we will expand the program to 10,000 customers before rolling out to the rest of the WenWallets waitlist.”

The second ‘major milestone’ in the wallet rollout, the feature will now enable Robinhood customers to “send and receive their crypto from Robinhood to external crypto wallets” and access “the greater blockchain ecosystem for the very first time”.

Robinhood is taking safety concerns seriously throughout beta testing of its external wallet. Image- Robinhood

Initial beta testers will help the platform make vital amendments to the final version of the feature via feedback, with additional features including QR scanning and block explorer support to be added over the course of beta testing.

Looking forward, Robinhood will enforce a “Safety First” ethos via a series of “world-class security integrations” designed to monitor all transactions made during testing and ensure customers are able to “safely invest and transfer their crypto”.

Robinhood will also impose a daily limit of $2,999 in total withdrawals and 10 transactions to beta testers, alongside requiring users to enable two-factor authentication.

Through the new feature, wallet holders can now withdraw assets like Ethereum to an external Web3 wallet like Metamask and access DeFi platforms to earn yields, swap their assets through a DEX like UniSwap or purchase an NFT on OpenSea.

Sean Dickens

An avid advocate of DeFi, Sean has been in the industry since 2017, studying the latest trends writing about cryptocurrencies. He studied Journalism and Media at Birkbeck University and now writes for Coin Rivet while being an active member of various communities in the crypto space - particularly NFTs.