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Retail investing platform Robinhood Markets (HOOD) has launched the beta version of its long-awaited crypto wallet. Currently, Robinhood has selected 1,000 customers from the waiting list to test the beta version, which will enable the users to withdraw crypto from the platform. The users chosen for testing will be able to withdraw crypto up to $2999 with a maximum of 10 daily transactions. Beta testers will be able to receive and send cryptocurrencies. These testers will help Robinhood evaluate the wallet's functionality, and feedback for the company and Robinhood will add improvements accordingly.
Robinhood is a popular US-based crypto and stocks trading application. Robinhood is a commission-free investing tool, founded in 2013 with its headquarters in California, US. The company has recently begun crypto wallet testing to test the core functionalities of its wallet service. Last year only Robinhood revealed its plan of rolling out its beta crypto wallets in January 2022. According to Statista, Robinhood users grew from half a million in 2014 to 22.4 million in 2021.
In the next testing phase, the company will expand this wallet testing program to 10,000 users from its WenWallets waitlist agencies; the company has also initiated recurring crypto investments that allow customers to buy crypto on their own schedule without automatically paying commissions. People can still sign up for this waiting list to try their hands on Robinhood wallet as soon as it rolls out. Robinhood also claims to have embedded security features like authentication and identity verification. The company will use Chainalysis software to keep an eye on crypto trades and meet compliance requirements. The software will check any risky and illicit transaction in real-time to keep an eye on any suspicious activity. Chainalysis will develop best industry practices aligned with regulators and law enforcement agencies.