Robinhood to Begin Testing Crypto Wallets Starting October

Robinhood announced that it is indeed going to test crypto wallets starting October. These digital wallets allow people to send, receive, and store cryptocurrencies. Trying to establish its upcoming crypto wallets as “cyber safe,” Robinhood claims to have built security features around identity verification and authentication. Amid rising cases of crypto-theft, it is deemed essential by wallet players that they ensure the safety of crypto assets that people store, and protect them from hacks and other cyberattacks.

In a blog post on September 22, Robinhood said that with its new crypto wallets, it aims to make the otherwise “seemingly unwelcoming” crypto space more accessible for more people at an affordable cost.

“Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies. This means you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more,” said the company that has over six million users, as per a report by TNW.

The development has stirred excitement among cryptocurrency enthusiasts on Twitter who expressed interest in the latest crypto wallet option from among the existing pool of over 25 million others.

It’s also probably nothing ???? that @RobinhoodApp just announced a multi-functional crypto wallet.#Bitcoin… get some… in case it catches on. pic.twitter.com/7yL5lfYkDm

— Dr. Jeff Ross (@VailshireCap) September 22, 2021

Got my spot on the @RobinhoodApp #crypto wallet waiting list. Wen Wallets is finally happening ???????????? #DogecoinToTheMoon #doge pic.twitter.com/dWtNKIEmP1

— Sarah Chase ???? (@schaselyric) September 22, 2021

Robinhood users may soon be able to withdraw crypto for the first time

Robinhood is reportedly testing a new crypto wallet feature that would finally enable users to withdraw crypto from its app.

— Monkey Moon (@MonkeyMoon_off) September 22, 2021

Robinhood has been rolling out an array of new services and features in recent days. On September 13, for instance, the company launched a feature to allow users to make recurring investments in their favourite cryptocurrencies — totally free of commission with as little as $1 (roughly Rs. 73.66) on a schedule of their choice.