Robinhood to launch crypto wallet test, Reuters launches in early 2022

Reuters file photo: The logo of Robinhood Markets, Inc. was seen at a pop-up event on Wall Street after the company’s IPO in New York City, USA.

By John McCrank

New York (Reuters) – Robinhood Markets Inc. (NASDAQ 🙂 said Wednesday that it plans to begin testing cryptocurrency wallets next month, with an extensive rollout in early 2022, allowing its users-supported digital currencies to move in and out of their brokerage accounts.

Menlo Park-based retail brokerages currently allow the purchase, sale and hold of certain cryptocurrencies such as Bitcoin and Dogcoin and surpassed equity transactions for the first time in the last quarter.

Robinhood customers, who thrived in retail during the epidemic, have long wanted crypto wallets that would allow them to participate more widely in blockchain-based ecosystems, such as in virtual assets such as non-fungible token (NTF) purchased networks.

“It’s a normal next step for us when we think of democratizing financing for all, with so many people in different contexts being able to participate in this emerging market, and wallets are key,” said Robinhood co-founder Aparna Chennapragada. Product officer, said in an interview. “

The company plans to survey its current crypto-trading clients, which account for about 60% of the app’s 21.3 million active users, and a small group of respondents to begin testing and commenting on the new wallet, Chennapragada said.

Robinhood customers can join the waiting list to enter wallets in the future as part of a rollout, he said.

The wallets will have security features such as identity verification, multi-factor authentication and email and phone verification to keep the coins safe from hacking and other threats.

“One of the things we’re trying to do is make sure it’s built safely, safely,” Chenapragada said, which was one of the main challenges in developing the new feature.

Robinhood said it would maintain a 0% commission for crypto trades once the wallet is launched.

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