Robinhood Is Launching a Beta Version of Its Crypto Wallet in 2022

Robinhood Is Launching a Beta Version of Its Crypto Wallet in 2022

The trading platform revealed the details in a blog post on Wednesday. According to the company, the Alpha testing program for its digital wallets has been finalized. Less than four months ago, it launched a new digital wallet service for its customers in the USA.

Since its first announcement in September, Robinhood has tested its digital wallet feature. The trading app finished its first alpha transfer using DOGE in November. According to Robinhood COO Christine Brown, the new feature would mainly focus on the users’ safety. Additionally, they will provide education on crypto transactions and clarity around network and gas fees.

The firm is now set to move to the beta phase accessible to 1 lakh customers. According to the company, the new feature will allow users to deposit and withdraw Bitcoin, Ether, Dogecoin, and other tokens.

Robinhood extending their wings

The feature will start around January & enable a larger group of users from the waitlist to gain access. While Alpha focused on fewer customers and 1:1 engagement, Beta will involve a larger group. Christine Brown, Robinhood’s Crypto COO, tweeted on Wednesday. It will cover tens of thousands of customers.

What’s next? The #WalletsBeta phase will start in mid-January & enable a larger group of users from the waitlist to gain access. While Alpha focused on a small batch of customers and 1:1 engagement, Beta will roll out to tens of thousands of customers.— Christine (Hall) Brown (@christine_hall) December 29, 2021

Brown gave information on feedback gathered from its Alpha phase users. The information included additional clarity around gas fees and tighter user security.

The company said they got feedback through their Alpha program. They sought input from a particular group of customers from their wallets waitlist. During the Alpha, Robinhood revealed that it made the first dogecoin transfer. They did this through an external wallet.

#WalletsAlpha update! Last week we sent our first alpha transfer from a Robinhood wallet to an external wallet. Here is a screenshot of our test #DOGE transfer: pic.twitter.com/Bn4wQlvkwP— Christine (Hall) Brown (@christine_hall) November 22, 2021

One-stop-shop service

Alpha should be considered the software testing phase, while Beta should be identified as the software development phase. Some users were allowed to access the pre-released versions of the app while receiving live feedback.

Robinhood’s Alpha program received some waitlist enrollment in less than a month. Currently, there is a total of almost 2 million. Robinhood’s users have been eager for a crypto wallet feature. Some reputable companies like Coinbase and Gemini, Robinhood’s rivals, already offer their own.

In September, Brown said that the new feature that went public earlier this year focuses on a one-stop-shop service where users can trade stocks and digital assets.

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