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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Points have no technical value but could yield tokens in the future

article-image

The share of publicly traded miners is poised to increase post-halving, JPMorgan said

article-image

Company execs say it plans to draw from its $1 billion in unrestricted cash and BTC to take advantage of opportunities around the bitcoin halving

article-image

What could come next for Web3 is grounded in history — and completely unpredictable

article-image

January’s core personal consumer expenditures index, which excludes volatile food and energy prices, showed a 0.4% month-over-month increase and a 2.8% increase over the year

article-image

The funds’ net inflows surge of $673 million came on a day during which BTC’s price climbed to roughly $64,000