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Friday, January 28, 2022

Robinhood Has Plans Of Launching Beta Crypto Wallets

Robinhood, the famous cryptocurrency and stock trading app, has plans of rolling out the beta version of its digital wallet feature in 2022. In a blog post on Wednesday, the stock trading app has stated that tens of thousands of users have been currently putting it on the waitlist for the crypto wallet trading app which would have major access to the beta version which would begin in mid-January.

The app stated that around 1.6 million people have been waiting for the wallet, which would support the withdrawal and depositing of Bitcoin, Dogecoin, Ether, and other tokens. 

Robinhood Is Testing Its Beta Wallets

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Robinhood has also been testing its feature for digital wallets ever since it was first announced back in September, where it completed its first alpha transfer- through DOGECOIN- on the 22nd of November. According to the COO of this trading app, Christine Brown, the beta rollout will be specifically focused on the security of most of its users, while providing education on network clarity as well as crypto transactions. 

Robinhood has stated that although most believe 2021 has been the year behind cryptocurrency going mainstream, the truth has been that most people are still not entirely familiar with the asset class and the ways of navigating through blockchain. With the launch of such digital wallets, the trading app has been quite thrilled to play a far more significant role in welcoming a bigger range of investors to the crypto sphere for the very first time. 

Interestingly, the share price for Robinhood on the NASDAQ has remained quite unmoved despite the recent announcement. When the trading app first went public in July, the stock saw a steady decline from a price of $70.39 to $17.03 at the time of publication. 

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