Users will start testing the Robinhood Crypto Wallet next month

Major U.S. financial services company Robinhood has confirmed that Robinhood crypto wallets are coming to the platform that will allow their users to move crypto in and out of the app.

Users will start testing the Robinhood crypto wallet next month

The Nasdaq-listed multi-asset broker Robinhood Markets Inc has announced that the Crypto Wallet will be integrated into its app and launched on the market at the beginning of next month. According to a blog post on Wednesday, the trading platform known for its commission-free trading models said that testing the new crypto wallets would initially be open to a limited number of users.

They announced the announcement that “next month the first customers will start testing crypto wallets on Robinhood”.

The company says the testers’ experiences will be shared and used to reimagine the evolution of the wallet. Other notable users will be introduced in the process based on a waiting list currently open to all eligible users to join the stream.

“The next step is to observe the experiences and feedback of those who test the new service and share it with the rest of the community, who then continue to offer the opportunity to reach more and more customers via our waiting list.”

“We’re not the first to hit the market – we’ve taken the time to make sure we’re building this on a step-by-step approach.”, Aparna Chennapragada, Robinhood’s product manager, told CNBC.

“We’ll have a few customers who will review the product, get customer feedback, and then expand from there.”

Recommended Robinhood Crypto Wallet Features

Digital wallets are often designed in such a way that they can serve as storage shields for cryptocurrencies. Many devices are equipped with additional functions that provide additional functionality to the stored assets. The Robinhood crypto wallet is based on this model, but offers the user more ease of use.

The Robinhood crypto wallet allows users to move their crypto in and out of the app, send crypto to other wallet addresses, and receive supported cryptocurrencies. This means you can consolidate your coins into one account to make it easier to keep track of your portfolio, transfer supported coins to your Robinhood account so you can trade commission-free translations, etc., it says in the post.

This feature is different from the company’s previous system, where cryptocurrencies move in one direction, meaning that once they are introduced, coins cannot be issued or sent to a third-party wallet address.

The company was criticized for this model when it was accused in April of restricting Dogecoin (DOGE) trading. This likely contributed to the ability to move supported digital assets in either direction.

The wallet comes with security features such as identity verification, multi-factor authentication, and email and phone verification.

And although the company recently announced the introduction of recurring investments in crypto, it is making it available to all users starting today. This allows users to purchase selected coins automatically, with no commission, “and for just $ 1 on a schedule of their choosing,” the announcement said.

While Robinhood has a wide presence offering other major financial products such as stock trading, cryptocurrencies are seen as the driving force behind the company’s growth. According to the unveiling of the upcoming crypto wallet feature, the type or number of supported cryptocurrencies is yet to be announced.

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