The Beta Version of Robinhood’s Bitcoin Wallet is Now Available to Customers

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Key Takeaways:

  • The beta version of Robinhood’s bitcoin wallet is now available to customers.
  • The send and receive flow has yet to be finalized by Robinhood.
  • Based on user input, Robinhood will make changes.

Robinhood, a prominent stock and cryptocurrency trading app based in the United States, has made the beta version of its crypto wallet available to 1,000 customers who had signed up for the waitlist. The company relies on beta testers to test the wallet service’s essential operation. The Robinhood wallet will allow users to transfer and receive coins. Last year, the business announced that its beta wallets would be available to clients in January 2022, and Robinhood has delivered.

“We will finalize the send and receive flows, add QR scanning experiences, update the transaction history interface, and add block explorer functionality to provide more insights into their on-chain transactions during the beta program,” Robinhood said in a statement.

Robinhood’s crypto team’s chief operational officer, Christine Brown, tweeted about the news.

The company will expand its wallet-testing program to 10,000 users from its WenWallets queue in the next round. People can still join up for this waitlist to acquire the Robinhood wallet as soon as it becomes available on a first-come, first-served basis.

“We’ll also provide clients the option of calculating the dollar amount of crypto to send/receive in terms of dollars.” In addition, beta testers will be limited to a daily withdrawal limit of $2,999 (approximately Rs. 2 lakh) and a maximum of 10 transactions. Furthermore, they will be required to enable two-factor authentication,” according to the business.

Over 1.6 million people had already signed up for Robinhood’s wallet queue as of December last year.

Robinhood has been attempting to diversify its service offerings to meet the needs of a broader range of investors.

While crypto-related cybercrime is rising in the United States and elsewhere, Robinhood claims to have built security safeguards surrounding identity verification and authentication into their wallet product.

Chetna Prakash
Chetna Prakash

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