Zero-commission stock and crypto trading app Robinhood (Nasdaq: HOOD) announced on Wednesday that it would be launching the beta phase of its cryptocurrency wallet next month.
The wallets will be rolled out to thousands of customers from the waitlist, growing to more than 1.6 million people. When Robinhood first announced in September that crypto wallets were officially coming, 1 million people signed up for them in less than 30 days.
Building wallets and connecting millions of customers on-chain is a “big undertaking” as such; the rollout will be done methodically, with safety first in mind, said Robinhood.
Crypto wallets will allow Robinhood customers to send and receive crypto assets from the app. For now, users can only trade the limited number of crypto available on the platform.
The financial service company further shared that its Alpha program feedback revealed that 66% of customers that don’t have a crypto wallet expect to have one address for all their transactions. But that won’t be the case, and each coin will have its own wallet address.
Their survey also showed that its customers want to learn more about crypto and the process of moving their digital assets, including “network fees” and “transaction ID.”
Robinhood said it would also introduce additional security features for crypto transactions, including multi-factor authentication in-app and transaction checks for where coins are being sent.
And while crypto trades on Robinhood will remain commission-free, on-chain transactions require a network fee, and wallet Alpha testers want that information at the time of transfer in a simple and understandable way.
“While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain. With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time.”