8 Things to Know About the Beta Launch of Robinhood Crypto Wallet

Robinhood Crypto Wallet

To say the least, 2021 has been a tumultuous year, but it is officially over. As everyone gears up for the new year, it’s apparent that 2022 will be full of interesting changes that will have an impact on markets and stock prices.

Since September 2021, when the popular trading platform stated that it would offer a crypto wallet functionality in 2022, cryptocurrency aficionados have been following Robinhood (NASDAQ: HOOD) with bated breath. Despite the company’s decreasing popularity following its efforts during the early 2021 GameStop (NYSE: GME) mania, investors realized that a crypto wallet would have far-reaching ramifications. A Robinhood crypto wallet update was released yesterday, giving them the news they’d been waiting for.

These long-awaited crypto wallets are on the way, per a statement on the corporate blog. In addition, the company claims that offering a “distinctly Robinhood experience” is a top priority.

The stock of Robinhood has risen 6% this morning as a result of this announcement. What else should investors be aware of as markets prepare for the new year’s Robinhood crypto wallet update? Let’s look at it more closely.

What You Should Know About the New Robinhood Crypto Wallet

1. These wallets are an important aspect of Robinhood’s plan to connect users to blockchain technology and all of its benefits. It’s only natural that a company that has been successful in bringing young investors to the markets would take this next step.

2. Indeed, the corporation is emphasizing the importance of a subscriber experience. These new wallets will allow users to transfer and receive cryptocurrency in addition to trading it. This is a movement that is gaining traction in the crypto world.

3. In fewer than 30 days after the first announcement, 1 million people joined up for the waiting list, according to the blogpost. “More than 1.6 million users have signed up for wallets as of today,” according to the company.

4. However, due to “safety concerns,” the corporation is taking a gradual approach, rolling out wallets one by one. This comes as no surprise after the data security compromise in November.

5. Robinhood chose a set of customers from the waiting list to provide input during the wallet’s alpha stage. These users “provided comprehensive design and functionality feedback” with Robinhood’s team after testing the initial generation of crypto wallets.

6. As a result, crypto education is a key component of Robinhood’s program. Users requested definitions of industry jargon and in-depth explanations of the finer aspects, according to comments.

7. According to the post, traders who want to diversify their crypto holdings will be able to use different wallets from Robinhood. “When conducting on-chain transactions, each network will have its address for sending and receiving coins, hence each coin will have its wallet address.”

8. What is the most recent Robinhood crypto wallet update? In mid-January 2022, the beta stage of testing will begin. It will be sent out to thousands of people on the waiting list at first. In addition, the corporation stated that further information will be released in the coming weeks.

Disclaimer: The author has no explicit or implicit holdings in the securities referenced in this article as of the publication date. The writer’s views are expressed in this article, which is subject to the Publishing Guidelines.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.