Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets

Robinhood has announced the beta launch of its highly-anticipated cryptocurrency wallets. Robinhood announced its crypto wallet project in September. Customers can trade, send and receive cryptocurrency using the Robinhood app.

The announcement details the fact that over 1.6 million people have already signed up for its cryptocurrency wallets.

We will be launching the wallet beta phase in mid-January. This will allow thousands of customers to join the waitlist.

Robinhood also disclosed that the wallet’s beta launch was completed by a “tight-knit” group of waitlist customers who tested the first version of the crypto wallet. They shared their feedback on the design and functionality.

Alpha testers, for example,’requested signposting as well as explanations of terms such ‘network fees’ or ‘transaction ID’. The company responded by saying that it would provide more crypto articles and 24/7 phone support.

Robinhood was added:

We are adding security features to crypto transactions. Multi-factor authentication in app, so that we can verify your identity when you initiate a transaction, and transaction checks to understand the risk of coins being sent.

According to the trading platform, although some claim that 2021 will be the year crypto goes mainstream, most people are still very familiar with the asset class and how to navigate it.

Robinhood and Chainalysis joined forces in December to use the blockchain data analytics firm’s ‘data, tools, to meet compliance requirements, and provide Robinhood customers the confidence they need for trading cryptocurrency safely,’ Chainalysis explained.