Robinhood announces the beta launch of its cryptocurrency wallets
Robinhood has announced that it will launch the beta version of its cryptocurrency wallets shortly. These crypto wallets will allow you to trade, send and receive cryptocurrency using the Robinhood app.
According to Robinhood, a trading platform known for commission-free stock trades and investments, around 1.6 million people have already signed up for one of its crypto wallets. The company saw 1 million customers sign-up within 30 days of the initial launch announcement.
So far, the app has been tested with customers in its alpha state to ensure a customer-centric design. Features requested through the alpha program include educational content to explain key terms such as "network fees" and "transaction ID" to customers in-app.
This new Robinhood tool will have one wallet per coin and include in-app multifactor authentication for additional security. The app will also help you understand the network fees you need to pay for each transaction; while Robinhood is a commission-free platform, you are charged a network fee when transacting on-chain.
The cryptocurrency wallet beta is due to launch in mid-January, which will give thousands of customers currently on the waitlist access to the feature. You can join the waitlist at wenwallets.com.