Robinhood launches beta version of Digital Wallet in January 2022

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Robinhood, the US-based crypto trading app, has announced that thousands of its users are waiting for their digital wallet to launch, which will be released in beta in January 2022. In a blog post, the company officially announced that the Alpha testing program for its digital wallets has been completed. The development comes three months after Robinhood first announced that it was working on the introduction of a new digital wallet service for its customers in the USA.

“Today more than 1.6 million people have registered for wallets. While we strive to introduce new products as quickly as possible, building wallets and connecting our millions of customers “on-chain” (connection to the blockchain) is a big undertaking, “says Robinhood’s blog post.

The upcoming wallet will support the deposit and withdrawal of cryptocurrencies such as Bitcoin, Ether and Dogecoin.

Robinhood claims to have identity verification and authentication security features embedded in its upcoming offering as crypto-related cybercrime accelerates in the US and other parts of the world.

“We’re going to introduce some additional security features for crypto transactions. That includes multi-factor authentication in the app so we know it is you when you initiate a transfer and transaction reviews to better understand the risk of where the coins are being sent, ”added the blog.

Robinhood, while admitting that the crypto space went mainstream in 2021, said its survey showed that most people are still familiar with the world of crypto assets.

“Our survey showed that 66 percent of customers who do not currently have a crypto wallet assume that they have an address for all of their transactions. This is not the case as each network has a different address to send and receive coins when you do it on-chain, so each coin has its own wallet address, “the post said.

This year Robinhood introduced a number of new services and features.

For example, on September 13th, the company rolled out a feature that allows users to regularly invest in their favorite coins – completely commission-free with just $ 1 (approx. 73.66 rupees) on a schedule of their choosing.

However, the year brought some unpleasant surprises for the crypto and stock trading app.

In October, Robinhood servers were attacked by an unauthorized third party. Back then, the personal information of millions of their users was accessed by cyber criminals. An investigation has been initiated into the case, further details are not yet known.

The beta version of Robinhood’s digital wallet will be available in mid-January.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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