Robinhood has finally begun launching the first crypto wallets.
Robinhood’s crypto wallets
“We’re excited to announce that the next phase of our Wallets program, the Beta program, is officially live.
Starting today, we’ll begin rolling out crypto Wallets to 1,000 customers from the top of the Wallets waitlist (subject to owning an external wallet for testing and some safety checks). By March, we will expand the program to 10,000 customers before rolling out to the rest of the WenWallets waitlist”.
This was the announcement, which appeared last Thursday, on the blog of the trading company Robinhood, announcing the live launch of the first crypto wallets.
In September, the company had confirmed the news that the first users would test a beta version of the first crypto wallets. In December came the announcement that in January the first wallets would be live, ready for the first beta tests among all users who had put themselves on the list to try them.
According to the news reported in the announcement, the users on the waiting list eager to try the new wallets would be almost 2 million.
Robinhood wallet tests
In November, the first alpha test was made to transfer about 420 DOGE from a Robinhood wallet to an external wallet, as announced via Twitter by the COO of the company Cristine Hall Brown.
#WalletsAlpha update! Last week we sent our first alpha transfer from a Robinhood wallet to an external wallet.
— Christine (Hall) Brown (@christine_hall) November 22, 2021
“This is the second major milestone in our Wallets rollout, which will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets, and fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time”.
According to the company, during the testing period, daily withdrawals will be limited to a total of $2,999.
There will also be a limitation placed on users to 10 transactions per day, and to take part in the beta version, you will have to enable two-factor authentication.
The wallet for the time being supports Bitcoin, Ethereum and Dogecoin. In addition to these three cryptocurrencies, Robinhood currently also supports Ethereum Classic, Litecoin, Bitcoin Cash and Bitcoin SV, but these would not be supported by the new wallet for the time being.
For the duration of this pilot program, Robinhood says it will work on several features, which are to be tested in the beta phase by the first lucky users.
Among the activities that will precisely be tested are the process of finalizing the sending and receiving flows, that of operating through QR scanning, as well as improving the transaction history interface.
Priority to security
The company will pay great attention to security, which has long been one of the Achilles heels of many cryptocurrency wallets, subject to attacks by hackers,
“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”.
This is stated at the conclusion of the company’s lengthy blog post.