Is Robinhood making a cryptocurrency wallet? We’ll discuss the wallet’s limitations, timing, and costs. You can also find out if it’s worth the wait. Robinhood made the announcement in September. The company previously said that it’d launch a beta of the cryptocurrency wallet, which it would then expand before releasing the full version. But now, you can test it out by becoming one of the first 1,000 people to sign up.
Robinhood’s crypto wallet
The cryptocurrency exchange and crypto wallet from Robinhood is set to go live early next year. The company has been running a soft test since September last year, and has since expanded to all eligible customers. The wallet will allow active consumers to buy and sell crypto directly, with minimal app management. However, before now, it has only been possible to buy and sell Bitcoin and Ethereum. Now, you can also trade and track your investments using a digital wallet that is built in to the Robinhood app.
Limitations of the wallet
The beta version of Robinhood’s crypto wallet has limited functionality. It is only designed for sending crypto, not holding it. But it does allow users to tip creators on social media or buy NFTs. In addition, users can send crypto using a QR code. The wallet also offers improved security as the company has implemented multi-factor authentication, which involves additional checks for individual transactions. However, the wallet’s limitations do not make it unappealing for cryptocurrency investors.
Cost of the wallet
A beta version of Robinhood’s crypto wallet is available for customers who sign up for the waitlist. Those who qualify will be able to send and receive all cryptocurrencies supported by Robinhood. These users can use these cryptocurrencies to pay for NFTs, tip other customers, or spend them on other services. As of January, users will be able to send and receive up to $2999 per day, and they’ll be able to use two-factor authentication as well.
Timing of the wallet’s launch
There’s a big question hanging over the timing of the Robinhood making crypto wallet’s release: when will the company add the service to their product line? While it hasn’t disclosed any details about the new service, the company has said that it plans to expand its crypto operations by 2022. The company has not announced the exact coins that will be added to the exchange, but the Shiba Inu community has speculated that the company will list SHIB in its upcoming wallet release. While this is a wild guess, it is not unreasonable, especially considering that the Shiba Inu community has made similar claims.
Will it be widely available?
A cryptocurrency wallet has long been a top request for customers of Robinhood. The company recently announced that it will make the wallet available to more than two million people on its waitlist, with plans to expand the program to a wider audience in the future. Its crypto wallet will allow users to buy virtual assets on the Ethereum network. The company is scheduled to report its fourth quarter earnings on Jan. 27.