Robinhood is conducting a beta test of its new crypto wallets program. The 1,000 people at the top of their waitlist will receive access first. Then again, in March 2022, this will expand 10,000 individuals able to use these digital currency wallets at any given time before opening up registration for all remaining spots available.
Last year, Robinhood planned to begin testing crypto wallets, with one goal being a broader rollout by 2022.
Robinhood is connecting crypto holders with the blockchain ecosystem for the first time. They’re allowing people with cryptocurrencies like Ethereum, Bitcoin, and Litecoin in their accounts on Robinhood to freely move them between external wallets without any hassle or cost imposed by third parties like banks.
Bitcoin is below $37K first time ever in 4 months | Source: BTCUSD at Tradingview.com
In addition, they are also testing out some key features which will shape how we use these coins in general. If you don’t like something about it, just let them know – beta testers love feedback, so give yours today.
The beta phase of Robinhood wallet follows months of “alpha phase” for development and testing.
The company said,
“Through our alpha program, we sought feedback from a tight-knit group of customers from our wallets waitlist.”
Users on Robinhood can trade cryptocurrencies through the platform, but they cannot store, swap, or manage digital assets. A crypto wallet will now allow users to manage all their crypto holdings within the application.
Robinhood Crypto Wallet Daily Limit
Users can withdraw $2,999 per day in ten transactions. They also need to enable two-factor authentication.
Some people call Robinhood the “Amazon of finance” for its disruptive business model and banking-like features. For example, the company offers commission-free stock trading and cash management accounts.
However, not everyone is excited about this new app on their device because several regulators scrutinized them over the past year regarding ‘gamification‘ schemes that seemed too good possibly aren’t real.
Featured image from Pixabay, chart from TradingView.com