The popular cryptocurrency and stock exchange platform will allow cryptocurrency withdrawals for a limited number of users who have signed up for the crypto wallet waitlist program.
Online retail investment platform Robinhood has released its long-awaited crypto wallet for beta testing, which will eventually allow users to withdraw crypto from the platform.
The first 1,000 users who signed up for the ‘Wallet’ waitlist are eligible to participate in the beta test. Wallet checkers will be able to withdraw up to $2,999 worth of crypto in a total of up to 10 daily transactions.
Robinhood is a financial services platform backed by Citadel Securities, offering trading in stocks and cryptocurrencies. Robinhood crypto buyers have been waiting for the release of the Wallet since mid-2021 when the waitlist was first created. The final number of public signups to the waitlist revealed by Brown was 1.6 million in November, or about 7% of its total user base.
While the current limit of testers is 1,000, the company plans to increase the limit to 10,000 in March. A January 20 announcement from Robinhood states that:
“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product.”
Wallet verifiers will be required to perform a Know Your Customer (KYC) if they are not an existing Robinhood user and use a two-factor authentication app.
Christine Brown Crypto COO of Robinhood tweeted today, while the Beta program is ongoing, the company will work “to perfect the send and receive flow and add a cool QR scanning experience, improve transaction history, and support block explorers”.
For the duration of the Beta program, we’ll be working on perfecting the send and receive flow, and add a cool QR scanning experience, improve transaction history, and support block explorer so you can view your transactions on-chain—and more!https://t.co/db5afxwQWx
– Christine (Hall) Brown (@christine_corridor) January 20, 2022
Until the release of the Wallet, any cryptocurrency purchased on the platform could neither be withdrawn nor stored privately, making it essentially just a nominal cryptocurrency transaction. .
Now, however, Robinhood’s burgeoning crypto division is beginning to resemble a full-fledged crypto exchange that the company says will “fully connect crypto holders for the first time.” Robinhood with a larger blockchain ecosystem.”
Related: Robinhood hits new low as FTX.US and Bitstamp United states move into stocks
Many of its traders prefer Dogecoin (DOGE) as their coin of choice. DOGE accounted for 41% of Robinhood’s total revenue in Q2 2021 and 19% in Q3. There have also been rumors that the company will list Shiba Inu (SHIB) since Robinhood co-founder Vlad Kardapoltsev recently announced commented on the growing number of SHIB token holders.
Brown ha said the listing of SHIB will depend on the feasibility of regulations.
Robinhood (HOOD) stock price fell to an all-time low of $13.50 after a few hours of trading.