Robinhood to Roll out Crypto Wallet

US-based online broker Robinhood announced recently that it would launch crypro wallet Beta phase in mid-January, which will roll out to thousands of customers from the long waitlist. With the wallet, users will be able not only to trade, but send and receive crypto using the Robinhood app. 

"We'd long heard 'Wen Wallets' echo across the internet, but even we were surprised by just how excited our customers are for wallets. We saw 1 million waitlist sign ups in less than 30 days, and as of today, more than 1.6 million people have signed up for wallets," said the company on December 29, 2021.

The broker has sought feedback from a tight-knit group of customers from its wallets waitlist, who tested the first iteration of crypto wallets and shared detailed design and functionality feedback with its team to help the firm deliver a top-notch experience.

To meet customers' needs of learning more about crypto, Robinhood provides Robinhood Learn articles, which will be expanded with more crypto articles, and 24/7 phone support should they run into any issues. As security is top of mind, the broker will be rolling out some additional security features for crypto transactions as part of launching wallets. Regarding fees, the firm notes that as always, crypto trading on Robinhood will remain commission-free, but transacting on-chain typically requires a network fee, which is decided by the network and can fluctuate based on a number of factors, including the current demand for each network.

"While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain. With the launch of wallets, we're thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time," said Robinhood.

In mid-December 2021, Fazzaco reported that Robinhood has acquired Cove Markets​, a cross-exchange trading platform that makes it easier for people to manage their crypto accounts.