Robinhood has been talking about adding crypto wallets to the popular trading app for months. Now this project has finally been put into action – if only for the first 1,000 people who were on the waiting list. By March, however, this number is said to have grown to 10,000, as in a blog post called by Robinhood. So far, the app has been able to buy and sell various cryptocurrencies, but it lacked a wallet function.
With the new feature, wallet owners can now buy Ethereum on Robinhood and transfer it to another wallet. This creates the possibility of swapping assets on decentralized exchanges such as Uniswap. Moreover, any number of DeFi applications can be considered. Because of this, Robinhood said the new feature will fully connect customers to the larger blockchain ecosystem for the first time. However, the company is still talking about a beta phase of the project.
Beta testers help us test core functionality and provide critical feedback. This flows into the final version of the product. For the duration of the beta program, we will […] improve transaction history interface and support block explorer to provide more insights into their on-chain transactions
, according to Robinhood.
Robinhood sets daily transaction limits
The company is also adding the ability for customers to calculate the dollar amount of cryptocurrency to be sent/received in dollar amounts. Beta testers have a daily limit of $2,999 in total withdrawals over 10 transactions. Two-factor authentication is also activated for additional security.
We have developed top-notch security integrations to monitor all transactions and ensure our clients can both invest and transfer their cryptocurrencies safely
, Robinhood underscores its claim.
Set up a bitcoin & crypto savings plan
Invest regularly in Bitcoin and benefit from the cost-average effect in the long term. We’ll show you how.
To the guide