The Robinhood crypto wallet is now open for testing, with 1,000 customers able to withdraw funds. A limited number of customers who joined up for the crypto wallet queue program will be able to withdraw cryptocurrency from the popular stock and cryptocurrency trading site. Robinhood, an online retail investing platform, has released its long-awaited crypto wallet for beta testing, allowing customers to withdraw cryptocurrency from the platform for the first time.
The first 1,000 people who sign up for the ‘Wallets' queue will be able to participate in beta testing. Wallet testers will be allowed to withdraw bitcoin worth up to $2,999 in a maximum of 10 transactions each day. Citadel Securities-backed Robinhood is a financial services platform that facilitates stock and cryptocurrency trading. Since the start of the queue in mid-2021, Robinhood's crypto purchasers have been anticipating the introduction of Wallets. Brown stated in November that the most recent public tally of sign-ups to the waitlist was at 1.6 million, or around 7% of its entire user base.
While the current limit for testers is 1,000, the corporation intends to expand it to 10,000 by March. According to a Jan. 20 statement from Robinhood: “Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product.” Wallets testers will be asked to do know-your-customer (KYC) identification and utilize a two-factor authentication software if they are not existing Robinhood users.
Christine Brown, the Crypto COO of Robinhood, tweeted today that to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support.” Until the advent of Wallets, any crypto purchased on the site could not be withdrawn or privately kept, therefore making it a crypto transaction in name only. Dogecoin (DOGE) is the coin of choice for many of its merchants. DOGE contributed for 41% of overall revenue at Robinhood in Q2 2021 and 19% in Q3. There is also speculation that the firm would float Shiba Inu (SHIB), since Robinhood co-founder Vlad Kardapoltsev recently commented on the growing number of SHIB token holders. Brown noted that the listing of SHIB would be contingent on regulatory feasibility. In after-hours trading, the share price of Robinhood (HOOD) has reached an all-time low of $13.50.
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