Robinhood crypto wallet testing is live: 1,000 users can now withdraw

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.

Our top trading bots

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:

“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product.”

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.”

Up until the release of Wallets, any crypto bought on the platform could not be withdrawn nor stored privately, making it essentially a crypto transaction in name only.

Now however, Robinhood’s growing crypto division is beginning to resemble a full-fledged crypto exchange that the company says will “fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time.”

Related: Robinhood hits new low as FTX.US and Bitstamp USA move into stocks

Many of its traders favor Dogecoin (DOGE) as their coin of choice. DOGE accounted for 41% of Robinhood’s total revenue in Q2 2021 and 19% in Q3. There are also rumors that the company will list Shiba Inu (SHIB) since Robinhood co-founder Vlad Kardapoltsev recently commented on the rising number of SHIB token holders.

Brown ha stated that listing SHIB would depend on regulatory feasibility.

Robinhood (HOOD) share price has fallen to an all-time low of $13.50 in after hours trading.

Continue reading on Cointelegraph
Manchester City to build Etihad Stadium in the Metaverse
Premier League champions Manchester City and their new partner Sony have begun building a virtual replica of the Etihad Stadium which will be the team’s...
Orange-pilled by Michael Saylor, NorthmanTrader CEO now a Bitcoin supporter
There is still room for humility and humor amid a gloomy January for Bitcoin (BTC). A former outspoken Bitcoin critic has flipped bullish on Bitcoin after...
Former Google CEO is now a strategic advisor for Chainlink Labs
Eric Schmidt, the chief executive officer of Google until 2011 who later served as executive chair at the tech company and its parent firm Alphabet, has...
Influx of crypto miners to Kazakhstan reportedly strains energy supply
Now responsible for the second-largest contribution to the Bitcoin hash rate, Kazakhstan’s energy grid may be unprepared to handle the addition of many...
OpenSea extends NFT dominance with $10B cumulative volume
OpenSea has become the first nonfungible token (NFT) marketplace to process 11-figures worth of NFT trades.According to NFT data aggregator Dapp Radar,...
Aavegotchi (GHST) gains 50% as ‘Gotchiverse’ auctions set a path to the Metaverse
The world of decentralized gaming has seen significant growth in 2021 as the rise of play-to-earn (P2E) gaming merged with NFTs to open the first pathway...
Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta
Facebook’s decision on Oct. 28 to rebrand itself to Meta — to indicate its plans to build an avatar-filled metaverse — helped spark a speculative rally...
Nigeria to launch digital currency on Monday, central bank says
ABUJA (Reuters) - Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions...
Fake news: Litecoin price surges 35% following Walmart adoption hoax
The price of Litecoin (LTC) rose to more than $237 earlier on Monday following erroneous reports from major news outlets that United States retailer Walmart...
Nomura offers customers token subscription service for a luxury Italian restaurant
Japan’s largest financial brokerage, Nomura Holdings Inc., has launched a subscription service offering customers the opportunity to purchase and trade...
Analysts say Bitcoin price “needed a breather” before chasing new highs
The high-flying optimism generated earlier this week when Bitcoin and altcoin prices rose was tempered on Aug. 12 as BTC dropped below $43,000. This led...
Argo Blockchain receives $20M Bitcoin-backed loan from Galaxy Digital for Texas mining facility
Galaxy Digital has issued a $20 million loan to United Kingdom-based crypto mining company Argo Blockchain for building a data center in West Texas.In a...
Uzbek presidential agency proposes legalizing domestic crypto trading
A major governmental agency in Uzbekistan seems to be rethinking its stance on cryptocurrencies.The National Agency for Project Management under the President...
Researchers Proved That Bitcoin’s 2013 Leap From $150 to $1,000 Prompted by One Person
There has been a lot of speculation concerning the possibility of some people or groups of people to trigger bitcoin’s price. For example, Russian Kaspersky...
Cryptobanks vs. Centralized Rivals: Who Will Win?
Several analysts have already expressed their belief concerning the hopeless future for traditional banks and payment systems once bitcoin and its brethren...