Robinhood Begins Testing Crypto Wallet
Robinhood selected 1,000 customers from a waitlist to test the beta version of the wallet.
Jan 20, 2022 at 11:10 p.m. UTCUpdated May 11, 2023 at 5:56 p.m. UTC
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Retail trading platform Robinhood Markets (HOOD) has launched a beta version of its crypto wallet, selecting 1,000 customers from its waitlist.
- 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.
- 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.
- The testers will help Robinhood assess the wallet’s functionality and provide feedback to the company.
- The beta rollout meets Robinhood’s previously communicated timeline, which called for the beta launch in early 2022
- 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.
- 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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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.