Robinhood Declares Upcoming Launch of Digital Asset Wallets

Trading platform Robinhood has declared the beta launch of its digital asset wallets, which is set for mid-January. The company mentioned 1.6 million people have signed up for virtual currency wallets.

The announcement mentioned,

“In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.”

Robinhood also divulged that during the cryptocurrency wallet’s alpha launch, which a little while back wrapped up,

“a tight-knit group” of customers from the waitlist tested the company’s first crypto wallet iteration “and shared detailed design and functionality feedback.”

For instance, the alpha testers “requested signposting and explanations of terms like ‘network fees’ and ‘transaction ID.’”

Robinhood added,

“We will be rolling out some additional security features for crypto transactions. These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer, and transaction checks to better understand the risk of where coins are being sent.”

The trading platform further noted,

“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.”

In the month of December last year, the trading platform partnered with Chainalysis to leverage the blockchain data analytics company’s

“data and tools to meet compliance requirements and provide Robinhood customers with the confidence they need to trade cryptocurrency safely”

Chainalysis mentioned.