Robinhood (NASDAQ) revealed on Thursday, after months of preparation that it had begun beta-testing its cryptocurrency wallet. The rollout of the crypto wallets has started with the initial 1,000 customers from the top of the wallets’ waitlist. As of this writing, the waitlist currently has 1,991,716 individuals in the queue to try Robinhood’s digital pocketbook.

Popular stock and cryptocurrency trading app, CryptoTrader announced that the company plans to grow their program to 10,000 customers starting in March. For those still on the waiting list, the rollout of the program will continue over the following months.

Robinhood noted this as the second milestone in its deployment of the wallet offering. This will allow customers to send and get their crypto to other crypto wallets from Robinhood. Robinhood’s long-awaited upgrade will connect all Robinhood holders with the larger blockchain ecosystem. Robinhood was the only platform that allowed crypto assets to be purchased and traded.

Robinhood will continue to use beta testers as beta testers, who will test the core functionality of the product and give feedback. Robinhood promises that it will continue to work on several features over the course of the pilot program. These include finalizing send-and-receive flow, adding QR scanning capabilities, improving transaction history interface and integrating blockexplorer support for more insight into users’ on-chain transactions.

Robinhood announced that they will allow customers to use the currency conversion tool to find the amount of cryptocurrency to be sent/receive. Initially, each tester will only be able to withdraw $2,999 per day and make 10 transactions. To access these digital holdings, wallet holders will have to enable 2-factor authentication.

“Connecting millions of Robinhood customers to the blockchain ecosystem in a safe, accessible setting is a massive undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, consistent with our ‘Safety First’ value. We’ve built world-class security integrations to monitor all transactions, ensuring that customers are able to both safely invest and transfer their crypto,”
Robinhood made this statement in an official company announcement.

Robinhood users who want to join can still apply for the waitlist, even though the wallet has been deployed over a longer period of time. This waitlist has a new referral option. Once you’ve joined its waitlist, you can invite people to join as well. For every one of your referrals who joins and connects a banking account to Robinhood – you move up a spot on the waitlist.

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