Robinhood launches Beta version of crypto wallet

Rick Steves

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.

Connecting Robinhood crypto holders to the greater blockchain ecosystem

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.

1 million waitlist sign ups in less than 30 days

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. ”

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<