Robinhood Deploys Beta Crypto Wallets Allowing Select Customers to Transfer Off Platform

Robinhood said it would finalize the send and receive flows, add QR functionality and add block explorer support in the future

article-image

Source: Shutterstock

share

key takeaways

  • Robinhood is letting 1,000 customers test the Beta version of its crypto WenWallets
  • The move allows Robinhood traders to send and receive to other crypto wallets gaining access to the wider blockchain and crypto community

Stock trading platform Robinhood has rolled out the beta version of its crypto wallet to 1,000 customers, allowing them to send and receive their digital assets off the platform to other crypto wallets for the first time.

By March, the company said it was aiming to extend its WenWallets to a further 10,000 customers before enabling access to the rest of the 1 million users currently on a waiting list, according to an announcement on Thursday.

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product,” said Robinhood.

The wallet’s current iteration allows users to send and receive their crypto between the Robinhood platform to external crypto wallets, a method that has been restricted in the past.

Previously, traders could only buy and sell crypto assets within the app and transfers off the platform were restricted. The move will allow Robinhood traders to gain access to the wider blockchain and crypto community.

Over the course of the Beta testing phase, Robinhood said it would finalize the send and receive flows, add QR functionality, improve the transaction history interface and add block explorer support.

The ability to calculate the dollar value of crypto for the purpose of sending and receiving will also be added while a daily limit of $2,999 and ten transactions are being enforced during its current phase.

That amount is just below the $3,000 threshold that triggers record keeping requirements in the US for funds transfers under the Bank Secrecy Act.

“We’ve built world-class security integrations to monitor all transactions, ensuring that customers are able to both safely invest and transfer their crypto,” said Robinhood.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (6).png

Research

In recent months, a number of highly accretive developments were implemented across the protocol to improve fee capture, expand product functionality, and ultimately drive value accrual to the RUNE token, with more upgrades on the immediate horizon. These developments include hiking the minimum swap fee parameter to increase revenue, adding a Burn System Income Lever to reduce the RUNE supply, the addition of COSM-WASM smart contracting and IBC to enable an application layer, new chain integrations, and more.

article-image

Former IRS agent and Binance executive Tigran Gambaryan will remain imprisoned in Nigeria’s Kuje prison

article-image

When Permissionless III wraps on Friday, there will be 26 days left until the 2024 presidential election

article-image

Plus, an update from the ground in Salt Lake City at Permissionless III

article-image

The US regulator accused the crypto market-making firm of acting as an unregistered dealer

article-image

Customers can pay merchants in USDC or USDP on Ethereum, Solana, and Polygon, while US-based merchants are paid in dollars