Robinhood is launching a beta version of its crypto wallet function.
The decision was made in response to requests from its users, who had been writing on social media for some time: Wen Wallets?
Crypto wallet on Robinhood
In mid-January, crypto wallets on Robinhood will be a reality. For the time being, they will only be accessible to about a thousand users on the waitlist. This is what Robinhood is indicating in its announcement.
During the Alpha phase, the wallet was tested in order to send transactions in Dogecoin. However, compared to Robinhood’s choice to allow commission-free trading, with wallet transactions there will be fees due to the gas involved in validating transactions on the blockchain. Robinhood had no choice but to make these costs as transparent as possible.
The long road to wallet launch
Robinhood had announced that it would implement crypto wallets last September. The move would allow its users not only to trade, but also to send and receive cryptocurrencies directly using the app.
The news sparked user enthusiasm. Robinhood reveals that over 1.6 million people have signed up to the waitlist to test crypto wallets.
However, launching a crypto wallet requires care and caution:
- Robinhood’s network had to be connected to the blockchain;
- the wallets had to be intuitive.
A function was developed to explain technical terms such as network fees or transaction IDs to users.
More integrated wallets
Despite the request of 66% of the users, it was not possible to create only one crypto wallet, so there will be an address for each cryptocurrency.
But Robinhood’s priority remained security, so the wallet will have two-factor authentication systems and check systems to make sure the user is aware of where they are sending their funds.
Now we just have to wait until mid-January and see the wallet in its Beta phase.
Members of the Robinhood team are looking forward to it:
“With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time”.
And it is safe to bet that users of the app are looking forward to it.