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Robinhood Begins Testing Crypto Wallet

Robinhood Begins Testing Crypto Wallet

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Retail buying and selling platform Robinhood Markets (HOOD) has launched a beta model of the corporate’s crypto pockets, choosing 1,000 prospects from its waitlist.

  • Robinhood will develop the check to 10,000 prospects by March earlier than additional increasing it to the remainder of its WenWallets waitlist, in keeping with a blog post Thursday.
  • The firm stated it is going to add a perform for purchasers to calculate the greenback quantity of crypto to ship and obtain. Beta testers can have a every day restrict of $2999 in complete withdrawals and 10 transactions, and might want to allow two-factor authentication.
  • The testers will assist Robinhood assess the pockets’s performance and supply suggestions to the corporate.
  • The beta rollout meets Robinhood’s beforehand communicated timeline, which known as for the beta launch in early 2022
  • CEO Vlad Tenev stated in October that demand for the pockets had been robust and that the corporate’s waitlist is now a couple of million prospects lengthy.
  • Robinhood’s crypto revenues fell to $51 million within the third quarter, down from a document $233 million within the second quarter.

Read extra: Robinhood Turns to Chainalysis for Data, Compliance Tools

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