Trading platform Robinhood has announced the beta launch of its cryptocurrency wallets, which is scheduled for mid-January. The company said that 1.6 million people have signed up for the crypto wallets.
Robinhood's Crypto Wallets To Launch In Beta This Month
Robinhood announced this week the upcoming beta launch of its long-awaited cryptocurrency wallets. The company introduced its crypto wallet project in September to allow clients to trade, send and receive cryptocurrencies using the Robinhood app.
Considering that 1.6 million people have signed up for their crypto wallets so far, the announcement details:
In mid-January, we will launch the portfolio beta phase, which will be rolled out to thousands of clients on the waiting list.
Robinhood also revealed that during the wallet's alpha launch, which concluded recently, "a tight-knit group" of customers on the waiting list tested the first iteration of the company's crypto wallet "and shared detailed feedback on the design and functionality. functionality ".
For example, the alpha testers โrequested signaling and explanations of terms like 'network fees' and 'transaction ID'โ. In response, the company said it will provide more crypto articles and offer 24/7 phone support.
Robinhood added:
We will implement some additional security features for cryptographic transactions. These include in-app multi-factor authentication so we know it's you when you initiate a transfer and transaction verifications to better understand the risk of where the coins are being sent.
"While some say that 2021 is the year that cryptocurrencies went mainstream, the truth is that most people are still getting familiar with the asset class and how to navigate the blockchain," the trading platform noted .
In December, Robinhood associated with Chainalysis to leverage "data and tools from the blockchain data analytics firm to meet compliance requirements and give Robinhood clients the confidence they need to safely trade cryptocurrency," Chainalysis described.
What do you think of Robinhood's launch of crypto wallets? Let us know in the comment section.
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