First 1,000 Robinhood Customers Get Crypto Wallets

Adoption Cryptocurrency Investing Robinhood Trading Wallet

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Jaroslaw Adamowski

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Jaroslaw Adamowski

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June 26, 2023 06:54 EDT

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US online trading platform Robinhood has launched a beta program for its crypto wallet, and it began to roll out the wallets to 1,000 customers from the top of its WenWallets waitlist. 

By March, the program is set to cover 10,000 customers before the feature is activated for the rest of the waitlist, Robinhood said in a statement.

The platform called this the second major milestone in their Wallets rollout, which is meant to enable their customers to send and receive crypto from Robinhood to external crypto wallets, as well as “fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time.”

Beta testers, they explained, will help the team test out core functionality, while also providing “critical feedback to inform the final version of the product.” 

These users will be provided with a daily limit of USD 2,999 in total withdrawals and 10 transactions. They will also need to enable two-factor authentication (2FA). The statement claims that the company has built “world-class security integrations to monitor all transactions.”

During the Beta program, Robinhood plans to finalize the send and receive flows, add “delightful” QR scanning experiences, improve the transaction history interface, and add block explorer support to enable more insights into on-chain transactions.

Last November, the company said that some 1.6m persons registered on the waitlist for the much-awaited feature. 

The preceding month, Vlad Tenev, CEO of Robinhood, stated that their wallet move was related to the rapidly expanding importance of cryptocurrencies for the platform. “We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” Tenev reportedly said at CNBC’s Disruptor 50 summit. 

Meanwhile, as competition for crypto users intensified among trading platforms, it was revealed last month that Robinhood has been working on a new feature that would allow its customers to send crypto to other users as a gift.

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