Robinhood Begins Testing Crypto Wallet

Retail trading platform Robinhood Markets (HOOD) has launched a beta version of its crypto wallet, selecting 1,000 customers from its waitlist.

• Robinhood will expand the test to 10,000 customers by March before further expanding it to the rest of its WenWallets waitlist, according to a blog post Thursday.
• The company said it will add a function for customers to calculate the dollar amount of crypto to send and receive. Beta testers will have a daily limit of $2999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication.
• The testers will help Robinhood assess the wallet’s functionality and provide feedback to the company.
• The beta rollout meets Robinhood’s previously communicated timeline, which called for the beta launch in early 2022
• CEO Vlad Tenev said in October that demand for the wallet had been strong and that the company’s waitlist is now more than one million customers long.
• Robinhood’s crypto revenues fell to $51 million in the third quarter, down from a record $233 million in the second quarter.

Read more: Robinhood Turns to Chainalysis for Data, Compliance Tools