Robinhood launches Beta version of crypto wallet

Wallets will allow Robinhood users to send and receive their crypto from Robinhood to external crypto wallets, fully connecting Robinhood crypto holders to the greater blockchain ecosystem for the very first time – a major milestone for the broker’s venture into crypto.

Robinhood Markets has rolled out its new crypto wallet to 1,000 users as part of its previously announced phased launch. The first customers to get access are on top of the Wallets waitlist, which is subject to owning an external wallet for testing and some safety checks.

The online broker will expand the program to 10,000 customers by March before rolling out to the rest of the WenWallets waitlist.

Wallets will allow Robinhood users to send and receive their crypto from Robinhood to external crypto wallets, fully connecting Robinhood crypto holders to the greater blockchain ecosystem for the very first time – a major milestone for the broker’s venture into crypto.

The first 1,000 users will act as beta testers will, helping the broker’s crypto team to test core functionality as they provide critical feedback to inform the final version of the product.

The beta program will see Robinohod finalizing the send and receive flows, adding delightful QR scanning experiences, improving the transaction history interface, adding block explorer support to provide more insights into their on-chain transactions, and the ability to calculate the dollar amount of crypto to send/receive in terms of dollar amounts.

Beta testers will have a daily limit of $2999 in total withdrawals and 10 transactions and will need to enable two-factor authentication.

Since September, Robinhood users have flocked to the crypto wallet waitlist, according to the trading platform, which has revealed one million customers have signed up in less than 30 days and more than 1.6 million already joined the waitlist ahead of the launch.

“We’d long heard “Wen Wallets” echo across the internet, but even we were surprised by just how excited our customers are for wallets”, the firm stated. “While we’re eager to roll-out new products as quickly as possible, building wallets and connecting our millions of customers “on-chain” (connecting with the blockchain) is a big undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, and with Safety First in mind.”

The Alpha program has been wrapped up after fulfilling its role of getting feedback. A tight-knit group of customers from the wallets waitlist tested the first iteration of crypto wallets and shared detailed design and functionality feedback with the team.

According to the firm, Alpha testers wanted a distinctly Robinhood experience: a customer-centric, design-first approach. They also requested signposting and explanations of terms like “network fees” and “transaction ID”. The firm will deliver and will also add education content and 24/7 phone support.

Robinhood also made comments in regard to wallet addresses and network/gas fees. “Our survey showed us that expectations differed based on experience – 66% of customers that don’t currently have a crypto wallet expect to have one address for all their transactions. This is not the case, as each network will have a different address to send & receive coins when conducting on-chain, so each coin will have its own wallet address”.

“As always, crypto trading on Robinhood will remain commission-free, but transacting on-chain typically requires a network fee, which is decided by the network and can fluctuate based on a number of factors, including the current demand for each network. Alpha testers want that information at the time of transfer in a simple and understandable way. ”

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