Trading platform Robinhood announced that it will launch a beta version of its cryptocurrency wallet in mid-January. The company said that 1.6 million people have signed up for crypto wallets.
Robinhood’s crypto wallet will launch a beta version this month
Robinhood announced this week that it will launch a beta version of its highly anticipated cryptocurrency wallet. The company announced its crypto wallet project in September, allowing customers to trade, send, and receive cryptocurrency using the Robinhood app.
Noting that 1.6 million people have registered for its encrypted wallet so far, the announcement details:
In mid-January, we will start the wallet testing phase, which will be rolled out to thousands of customers on the waiting list.
Robinhood also revealed that during the recently concluded wallet alpha release, “a group of closely integrated customers” from the waiting list tested the company’s first crypto wallet iteration “and shared detailed design and functional feedback.”
For example, alpha testers “requested for road signs and explanations for terms such as’network fees’ and’transaction ID’.” In response, the company stated that it would provide more encrypted articles and provide 24/7 telephone support.
Robin Hood added:
We will introduce some additional security features for encrypted transactions. This includes multi-factor authentication within the app, so we know it is you when you initiate the transfer, and transaction checks to better understand the risks of the location where the tokens are sent.
The trading platform pointed out: “Although some people say that 2021 is the year when cryptocurrencies become mainstream, the truth is that most people are still familiar with asset classes and how to navigate the blockchain.”
December, Robin Hood Cooperation with Chainalysis Chainalysis described the use of blockchain data analysis company’s “data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to safely trade cryptocurrencies.”
What do you think of Robinhood’s launch of an encrypted wallet? Please let us know in the comments section below.
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