Robinhood to Begin Beta Phase for Its New Crypto Wallets Dubbed WenWallets

UTC by John K. Kumi · 3 min read
Robinhood to Begin Beta Phase for Its New Crypto Wallets Dubbed WenWallets
Photo: Depositphotos

Based on the feedback, Robinhood would be integrating some security features on crypto transactions. 

Robinhood Markets Inc, a US-based financial services company, earlier announced that it is introducing new wallets called “Wenwallets” expected to help customers send and receive cryptos on and out of the app. The response was massive as over 1 million signups to its waitlist were registered in less than 30 days. As it stands, more than 1.6 million people have signed up for the wallets. The process to launch the wallet is perfectly going to plan as they have recently ended the Alpha testing.

Robinhood has disclosed that they will launch the Beta phase of its Wenwallets in mid-January to thousands of customers on the waitlist. According to the official release, they take this project seriously with safety first in mind – the reason they are rolling it methodically.

“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, ” the article reads.

During the implementation of the Alpha testing, customers from the waitlist were asked to provide feedback on the design and functionality of the wallets. Some of the notable feedback was that Robinhood should provide educational content that will help them know the processes of moving their crypto.

In terms of the feedback on customers’ preference for one or multiple wallets, it was discovered that expectations are different with experience. 66% of the customers with no crypto wallets prefer to use only one crypto wallet for all their transactions. However, this is not the case according to Robinhood.

“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 wallet address, ” the report reads.

Also, Alpha testers want clarity on network fees. Trading crypto on Robinhood is commission-free, but charges apply to on-chain transactions. This is usually decided by the network and can change based on a number of factors including the demand on each network. According to the Alpha testers, this information must be provided at the time of transfer.

Based on the feedback, Robinhood would be integrating some security features on 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.”

They are also demanded to provide a distinctive Robinhood experience to customers. According to the release, the customer-centric, and demand-first approach has been their hallmark. Even though wallets offer a new experience with different assets, Alpha testers want the wallet to feel familiar. According to Robinhood, they will completely deliver based on their request.

Blockchain News, Cryptocurrency news, News
John K. Kumi
Author John K. Kumi

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.

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