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

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.

---

Get the news in your inbox. Explore Blockworks newsletters:

• Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
• Empire: Start your day with top crypto insights from David Canellis and Katherine Ross.
• Forward Guidance: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.
• 0xResearch: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.
• Lightspeed: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.
• The Drop: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.