According to the latest news, Robinhood has finally decided to add cryptocurrency wallets to its platform so that users can spend and trade their crypto assets. The wallets will start as a test. Robinhood is setting up a waitlist where people can sign up to be among the first to get access. Note that this still does not mean you can use Robinhood to buy stocks with your crypto currencies.
According to Robinhood, you can sell a crypto asset you are holding and use the money to buy stocks. The step clearly represents a big step in the company’s crypto journey. The company said it will start testing wallets with an “alpha” group in the next few weeks.
Robinhood’s crypto lead Christine Brown said the company will take the alpha users’ feedback and address it publicly on Twitter and its blogs. According to her, people on the waitlist will start getting access to wallets by the end of 2021. In short, we can expect Robinhood’s crypto wallets to be generally available within early 2022.
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Wallets have been a popular request from Robinhood community members for quite some time. Robinhood has said that buying one Bitcoin on its platform means that the company goes and buys one Bitcoin and stores it in a wallet. So far, users have argued that not being able to use it themselves defeats the purpose of the wallet. Now, the user access will allow users to transfer or spend the coins without converting them into another currencies. Initially, Robinhood’s wallet will only support holding major coins like Bitcoin, Ethereum, and Dogecoin.
Back in August, the company’s CEO promised that wallets would be coming and said that the company wanted its security to be “bulletproof”. Now, Robinhood says that wallets will have identity verification and multifactor authentication, as well as email and phone verification. It seems the company is really emphasizing security to offer a more authentic customer experience.