Robinhood to Launch Beta Crypto Wallet in Mid-January

Updated:

Behemoth trading platform Robinhood recently announced the possible launch of a beta cryptocurrency wallet, scheduled for mid-January.

The company unveiled its plans for the highly-anticipated cryptocurrency wallet in September 2021, adding that it would allow users to trade, send, and receive crypto funds through the Robinhood app.

Robinhood revealed that, so far, about 1.6 million users have signed up for the latest initiative, detailing that:

“In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.”

The online trading platform also revealed that during the crypto wallet’s alpha launch, which it recently concluded, “a tight-knit group” of customers from the waitlist tested the first Robinhood crypto wallet iteration “and shared detailed design and functionality feedback.”

For instance, users who tested the alpha wallet “requested signposting and explanations of terms like ‘network fees’ and ‘transaction ID.’” As a response, Robinhood asserted that it would deliver more educational crypto articles and provide round-the-clock voice customer support. The company added that:

“We will be rolling out some additional security features for crypto transactions. These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer, and transaction checks to better understand the risk of where coins are being sent.

While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain.”

Robinhood Partners with Analytics Platform to Enhance Customer Relations

In December 2021, Robinhood forged a partnership with Chainalysis to take advantage of the analytics platform’s “data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely,” according to Chainalysis.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.