Robinhood starts testing its crypto wallet

Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users from the waitlist are allowed to send and receive their cryptocurrencies from Robinhood to external crypto wallets. By March, 10,000 customers will be testing the wallets before a broader rollout in 2022.

Robinhood Markets Inc. is rolling out the beta version of its crypto wallet to 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post on January 20.

The online brokerage had laid out plans to begin testing cryptocurrency wallets last year, with the aim of a broader rollout in 2022.

Out of nearly 1.6 million people on a waitlist for the crypto wallet, the top 1,000 selected can now exchange their crypto from Robinhood with external crypto wallets.

The new feature also connects digital asset holders to the blockchain ecosystem.

The company said that beta testers will have a daily limit of $2,999 in total withdrawals and 10 transactions and will need to enable two-factor authentication.

Robinhood, which benefited from a boom in retail trading during the pandemic, expects to expand the program to 10,000 customers by March. Its customers have long asked for crypto wallets, which allow broader participation in blockchain-based ecosystems, such as buying virtual assets like non-fungible tokens (NTFs) on the Ethereum network.

Earlier this month, Robinhood said that 1.6 million people have signed up to the waitlist for its crypto wallets so far.

The trading platform currently supports the buying, selling, and real-time market data for Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC).