Robinhood Offers Update on Crypto Wallet Feature, Announces Beta
Robinhood Crypto Wallet

Robinhood Offers Update on Crypto Wallet Feature, Announces Beta

In September, the trading app Robinhood announced that it would begin rolling out one of the most commonly-requested features: cryptocurrency wallets. While the platform added the ability for users to buy and sell select crypto assets in 2018, those assets weren’t able to be transferred to external wallets or used for payment. However, in a new blog post, the app clarified that very few users have been able to test the wallet feature so far — but that it hopes to enter a public beta sometime next month.

First, according to Robinhood, more than 1 million users joined the crypto wallets feature waitlist within 30 days of its opening this past September. To date, that figure has now topped 1.6 million. All the while, the app states that it’s been testing the feature with a very small group of customers as part of its Alpha program. During this time, the company says it sought feedback on the product and has continued to develop it.

In particular, the blog post notes some of the changes they’ve made to the offering at the request of testers, such as adding explanations for terms like “network fees” and “transaction ID.” Also notable is that, while Robinhood’s platform remains commission-free, the company points out that it’s working to provide better clarity in regards to network/gas fees that users will encounter when transferring assets to external sources.

Get a Free Share of Stock

Not a Robinhood user? If you haven’t signed up yet just click the button to create an account and get a free share of stock just for opening an account with this Fioney link.

As for when the next step of the rollout will arrive, Robinhood writes that its Beta Program will begin in mid-January. At that time, “thousands” of customers from the waitlist will finally be able to experience the product for themselves. The app also teased that more information and updates will be available in the coming weeks.

The update on crypto wallets not only arrives just before the end of the year but also comes as Robinhood’s stock continues to falter. Despite a significant price surge that followed a lackluster debut, $HOOD has struggled in recent months. As of this writing, the company’s stock is trading just north of $17 per share — which is only slightly above its 52-week low of $16.88. In contrast, however, its 52-week high stands at $85.

It’s clear that Robinhood knows the demand for crypto wallets is high — and that the feature will likely prove to be a major part of their continued growth. At the same time, perhaps learning from some of their rushed rollouts of the past that came back to bite them, the app is taking its time to ensure that the product that ultimately reaches most users is one that meets expectations. Hopefully that hard work will pay off in the new year.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox
Travelers with two Best Western Credit Cards

Best Western Debuts Two New Rewards Credit Cards

After pausing applications for their previous rewards card, the hotel chain Best Western has unveiled a new pair of rewards credit cards with a new issuer. About the Best Western cards: Best Western is partnering with First Bank & Trust and Mercury Financial to introduce two new co-branded credit cards. First up is the no-annual-fee Best Western Rewards Visa Signature Card. With this card, customers can 4x points on Best...
Marriott Bonvoy card and a woman on vacation

Marriott Bonvoy Bold Card Launches Travel Contest

Chase and Marriott Bonoy have unveiled a special contest while continuing to offer its best-ever welcome bonus. About the welcome bonus and Bold Chat Court Contest: Marriott Bonvoy and Chase have launched a special opportunity called the Bold Chat Court contest. As part of this contest, 10 lucky travelers will be awarded 500,000 Marriott Bonvoy points (for a total of 5 million) as well as $5,000. For this contest, the...

2025 SoFi Checking and Savings Review

 Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. That was later sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind is SoFi’s acquisition of Golden Pacific...
Bilt and All Reward logos

Bilt Adds 2 New Transfer Partners Including First 3:2 Transfer Rate

Bilt is once again expanding its travel transfer rewards program — and is even breaking the mold with one new partner. About the new additions to Bilt: This week, Bilt launched partnerships with two more travel brands: TAP Air Portugal and Accor. As a result, Bilt members will now be able to transfer their points to Miles&Go and ALL Reward, respectively. In total, Bilt now has 18 transfer partners including 13...
Fioney Top 10 Must-Read Personal Finance Articles Septemeber 2024

Top 10 Personal Finance Articles of the Month — September 2024

Welcome to Fioney's look at the top 10 personal finance articles of the month. On the first Friday of each new month, we look back at some of our favorite posts published in the weeks prior and highlight them right here. This includes a mix of sites that have become staples of our lists as well as many first-timers. To start things off this month, we'll look at some articles...