Robinhood Rolls Out Crypto Wallet to First 1,000 Waitlist Sign-Ups

Mandatory Credit: Photo by Rafael Henrique/SOPA Images/Shutterstock (12249976d)In this photo illustration the Robinhood Markets logo seen displayed on a smartphone.
Rafael Henrique/SOPA Images/Shutterstock / Rafael Henrique/SOPA Images/Shutterstock

Robinhood rolled out its own crypto wallets to 1,000 customers from the top of its WenWallets waitlist and expects to expand the program to 10,000 customers by March, according to a blog post.

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The wallet will enable Robinhood customers to send and receive cryptos from Robinhood to external crypto wallets, and fully connect crypto holders to the greater blockchain ecosystem for the very first time, the company said in the blog post.

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

In October, one month following Robinhood’s announcement that it would launch its own crypto wallet, the waitlist topped 1 million customers, CEO Vlad Tenev said, as GOBankingRates previously reported.

And as of Dec. 30, more than 1.6 million people have signed up for wallets, according to a blog post.

At the time of the announcement in September, Robinhood said that the wallet means “you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more.”

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Robinhood Crypto COO Christine Brown tweeted that “over the duration of the Beta program, we will be working to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support so you can see your transactions on-chain — and more!”

The company, whose mission is to “democratize finance for all,” started its NASDAQ listing in July 2021, under the ticker HOOD, in one of the most anticipated and unusual IPOs of the year.

The company, which will release its earnings on Jan. 27, said In October that for the three months ending Dec. 31, 2021, it anticipates that many of the factors that impacted its third-quarter results, such as seasonal headwinds and lower retail trading activity, may persist.

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“In the absence of any changes to the market environment or exogenous events, we believe this may result in quarterly revenues no greater than $325 million and full-year revenue of less than $1.8 billion. Additionally, we expect new funded accounts for the fourth quarter will be roughly in line with the 660,000 opened in the third quarter of 2021,” according to the statement.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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