Robinhood Markets Inc (NASDAQ:HOOD), the company redefining retail market access and breaking down traditional barriers to financial wellness, will provide its users Beta access to Crypto Wallets.
What Happened: Robinhood announced the next phase of its Wallets program. Starting today, 1,000 customers at the top of the Wallets waitlist will be able to send and receive their cryptocurrency from the Robinhood platform, and to external wallets.
By March, Robinhood is looking to expand the program to 10,000 customers before rolling out to the rest of the waitlist.
Getting Started: The offer is subject to owning an external wallet for testing and completing some safety checks.
Beta testers will help test core functionality, as well as provide feedback to inform the final version of the product.
Bonus: Robinhood said it would “finalize the send and receive flows, add delightful QR scanning experiences, improve its transaction history interface, and add block explorer support to provide more insights into their on-chain transactions.”
Initially, users are limited to 10 transactions per day and $2,999.00 in total withdrawals.
“We take this responsibility seriously, which is why we’re rolling out wallets methodically, consistent with our ‘Safety First’ value,” the release on the development said. “We’ve built world-class security integrations to monitor all transactions, ensuring that customers are able to both safely invest and transfer their crypto.”
Why It Matters: At the outset, Robinhood started out as a bare-bones stock brokerage allowing its users to buy and sell stocks, options, and ETFs.
The firm’s differentiator was cost and technology.
As financial sustainability is a major threat – society has been trained to borrow and spend, rather than save and invest – Robinhood rolled over its successes into the development and build-out of an education and news library, trading, as well as cash management.
As a result, today’s Robinhood customers have access to all the tools they need to learn and stay informed, as well as trade fractionally stocks, options, ETFs, cryptocurrencies and IPOs.