The service will only be released in beta, after an initial testing phase has concluded.
The developers explain that it focuses on user experience, security, and simplicity.
In mid-January, the renowned trading platform Robinhood will launch the beta version of its wallet for bitcoin (BTC) and other cryptocurrencies. In conjunction with the exchange’s application, the new product will provide users with one more complement to buy, sell, send and receive crypto assets.
Until now, it was not specified which cryptocurrencies will be available to store in the new Robinhood wallet. However, it is to be expected that those that can be traded on your exchange are also those that can be saved in the wallet. These are bitcoin, ether (ETH), bitcoin cash (BCH), flex (FLEX), and ripple (XRP).
According to what was reported by the company itself in a post on its blog, more than 1.6 million people signed up to purchase their Robinhood wallet. More than half of them did so within 30 days of their announcement in September, as reported by CriptoNoticias.
This beta version is the result of a previous phase, called alpha. In it, a select group of users were asked to test the product and provide feedback. In addition, customers on the waiting list were also surveyed to find out which functionalities to allocate more attention and resources to.
On her blog, Robinhood showed a screenshot of the first shipment made with the alpha version of her wallet. Source: Robinhood.
Among the most requested features, the company highlighted the interface based on user experience, the offer of educational content, clarity to show the commissions of the network and the possibility of having a single address for all cryptocurrencies. The latter is not possible, since, as explained in the letter, each network has its own address to send and receive cryptocurrencies.
Robinhood and a strong need for increased security
In the same statement, Robinhood points out that providing on-chain wallets to millions of customers is a great challenge, and that safety is the first thing they have in mind for the ‘methodical’ launch of this wallet. To do this, they detail, they will incorporate functions such as multi-factor authentication in the app and requests for confirmation of transactions.
This is an issue that has gained even more importance for the company from some episodes that occurred during 2021. As reported by this media, the platform suffered a hack that led to the sale of data from seven million of its users on the dark web.
Before, in 2020, another fact of insecurity affected the exchange’s clients. On that occasion, 2,000 people suffered the theft of their funds in fiat, bitcoin and other cryptocurrencies.