After months of preparation, Robinhood announced on Thursday that it has begun to beta test its cryptocurrency wallet. The rollout of the crypto wallets has started with the initial 1,000 customers from the top of the wallets’ waitlist. As of this writing, the waitlist currently has 1,991,716 individuals in the queue to try Robinhood’s digital pocketbook.
The popular stock and crypto trading app said in its announcement that they plan to expand the program to 10,000 customers in March. The rollout will subsequently continue systematically over the next several months for the rest of those individuals on the waitlist.
The company noted that this is the second major milestone in the deployment of its wallet offering, which will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets. This long-awaited upgrade will finally fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time. Up until this advancement, crypto assets purchased or traded on Robinhood had to stay on that app platform.
In the meantime, beta testers will help Robinhood test core functionality and provide critical feedback to inform the final version of the product. Over the duration of this pilot program, Robinhood says it will work on several features including: finalizing the send-and-receive flows; adding QR scanning capabilities; improving the transaction history interface; and integrating block explorer support to provide more insights into the on-chain transactions of users.
Robinhood also stated that it will add the ability for customers to calculate the value of crypto to send/receive in terms of dollar amounts. Initially, testers will have a daily limit of $2,999 in total withdrawals and 10 transactions as the cryptocurrency transaction limits. Also, every wallet holder will need to enable two-factor authentication to access those digital holdings.
“Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, consistent with our ‘Safety First’ value. We’ve built world-class security integrations to monitor all transactions, ensuring that customers are able to both safely invest and transfer their crypto,”
Robinhood stated in its official company announcement.
Given the extended progression of this wallet deployment, would-be users can still join the Robinhood wallet waitlist. The company has added a nifty referral feature to that waitlist experience. Once you’ve joined its waitlist, you can invite people to join as well. For every one of your referrals who joins and connects a banking account to Robinhood – you move up a spot on the waitlist.