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Robinhood Rolls Out Trial Version of Crypto Wallet

UTC by Oluwapelumi Adejumo · 3 min read
Robinhood Rolls Out Trial Version of Crypto Wallet
Photo: Depositphotos

Project creators also explained that the program is expected to scale up to 10,000 users by March 2022, after which other customers on the WenWallets waitlist will be onboarded.  

Robinhood has rolled out the beta version of their wallet program with 1000 customers from their whitelist set to benefit. The development is part of Robinhood’s effort to safely connect millions of customers to the blockchain ecosystem.

It is a fulfillment of last year’s commitment by Robinhood to release a beta version of its wallet in the first quarter of this year.

The 2013-founded retail trading platform is based out of California and according to Statista Market Monitoring Company, has witnessed notable growth in users. Currently, there are over 22 million users on the platform.

The development was first publicized by Christine Brown, the project COO on Twitter.

As of December 2021, the official communication by Robinhood CEO Vlad Tenev was that more than 1.6 million people had entered the wallet waitlist.

Per the reports, the criteria for selecting the 1000 customers for the beta release are that the users must own a different wallet for testing purposes alongside other safety evaluations.

According to the developers, there are still certain loopholes to be worked on, including the sending and receiving flows, QR code scanning, transaction history UI, and block explorer segments. These areas have been labeled the core target during the testing phase.

Therefore,  the sampled users will be instrumental in helping the project creators evaluate the product’s main functionality which would help to ultimately shape the final version.

Project creators also explained that the program is expected to scale up to 10,000 users by March 2022, after which other customers on the WenWallets waitlist will be onboarded.

The milestone comes with many benefits to users, including the ability to transact in crypto between Robinhood and other cryptocurrency wallets. Beyond that, Robinhood crypto hodlers will now be connected to the entire blockchain space.

Developers have also expressed intentions to facilitate customers in calculating crypto equivalents in dollar rates to simplify transactions. Under this agenda, testing phase users have a withdrawing cap of $2999 per day and a maximum number of daily transactions, 10, both of which are protected by a 2-Factor authentication.

The “slow-but-sure” approach used by Robinhood in their product release is methodical and conforms to their “safety first” principle. To this end, their top-tier safety integrations are in place to help track individual transactions for total customer safety and convenience.

The stocks and trading app project has also invited anyone interested to join the waitlist so that they can get a Robinhood wallet for themselves. Wallet acquisition is totally on a first come first serve basis and will commence upon the official project release.

Blockchain News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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