by Kevin Helms
Robinhood announced this week the upcoming beta launch of its highly anticipated cryptocurrency wallets. The company unveiled its crypto wallet project in September to allow customers to trade, send, and receive cryptocurrencies using the Robinhood app.
Noting that 1.6 million people have signed up for its crypto wallets so far, the announcement details:
In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.
Robinhood also revealed that during the wallet’s alpha launch, which recently wrapped up, “a tight-knit group” of customers from the waitlist tested the company’s first crypto wallet iteration “and shared detailed design and functionality feedback.”
For example, the alpha testers “requested signposting and explanations of terms like ‘network fees’ and ‘transaction ID.’” In response, the company said that it will provide more crypto articles and offer 24/7 phone support.
We will be rolling out some additional security features for crypto transactions. These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer, and transaction checks to better understand the risk of where coins are being sent.
“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,” the trading platform noted.
In December, Robinhood partnered with Chainalysis to leverage the blockchain data analytics firm’s “data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely,” Chainalysis described.