Robinhood, an online retail investing platform, has released a beta version of its crypto wallet that will allow customers to withdraw cryptocurrency from the platform.
The first 1,000 people who signed up for the “Wallets” waitlist are eligible to participate in beta testing. Wallet testers will be allowed to withdraw cryptocurrency worth up to $2,999 in a total of 10 transactions each day.
Robinhood is a financial services platform that allows stock and cryptocurrency trading and is funded by Citadel Securities. Since the start of the waitlist in mid-2021, Robinhood’s crypto purchasers have been waiting for the release of wallets. In November, Brown stated that 1.6 million people had signed up for the waitlist, accounting for around 7% of the overall user population.
- Currently, 1000 testers are there, and the business intends to increase that to 10,000 by March.
- Wallet testers will be asked to do know-your-customer (KYC) identification and use two-factor authentication software if they are not existing Robinhood users.
- Until the release of wallets, any crypto purchased on the platform could not be withdrawn or privately stored, effectively making it a crypto transaction in name only.
In after-hours trading, the share price of Robinhood (HOOD) has reached an all-time low of $13.50.
