Robinhood Begins Testing Crypto Wallet
By Michael Bellusci
Robinhood app
Retail trading platform Robinhood Markets (HOOD) has launched a beta version of the company’s crypto wallet, selecting 1,000 customers from its waitlist.
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Robinhood will expand the test to 10,000 customers by March before further expanding it to the rest of its WenWallets waitlist, according to a blog post Thursday.
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The company said it will add a function for customers to calculate the dollar amount of crypto to send and receive. Beta testers will have a daily limit of $2999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication.
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The testers will help Robinhood assess the wallet’s functionality and provide feedback to the company.
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The beta rollout meets Robinhood’s previously communicated timeline, which called for the beta launch in early 2022
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CEO Vlad Tenev said in October that demand for the wallet had been strong and that the company’s waitlist is now more than one million customers long.
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Robinhood’s crypto revenues fell to $51 million in the third quarter, down from a record $233 million in the second quarter.
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