Robinhood crypto wallet testing is live: 1,000 users can now withdraw
Online retail investing platform Robinhood has released its long awaited crypto wallet for beta testing which will finally enable users to withdraw crypto from the platform.
The first 1,000 users that signed up to the waitlist for ‘Wallets’ are eligible to take part in beta testing. Wallets testers will be able to withdraw crypto valued up to $2,999 over a maximum of 10 total transactions daily.
Robinhood is a financial services platform backed by Citadel Securities that offers stock and crypto trading. Robinhood’s crypto purchaser users have awaited the release of Wallets since mid 2021 when the waitlist was first created. The last public count of sign-ups to the waitlist revealed by Brown stood at 1.6 million in November, or about 7% of its total user base.
While the current limit of testers is capped at 1,000, the company plans to raise the cap to 10,000 by March. A Jan. 20 announcement from Robinhood stated that:
Wallets testers will be required to perform know-your-customer (KYC) identification if they are not existing Robinhood users and use a two-factor authentication app.
Robinhood’s Crypto COO Christine Brown tweeted today that while the Beta program is ongoing, the company will work “to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support.”
Over the duration of the Beta program, we will be working to finalize the send and receive flows and add delightful QR scanning experiences, improved transaction history, and block explorer support so you can see your transactions on-chain— and more!https://t.co/db5afxwQWx
Up until the release of Wallets, any crypto bought on the platform could not be withdrawn nor stored privately, making it
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