Home
News
- Robinhood to start its beta testing for wallets in Jan as many users join the waitlist for the feature.
- CEO asserts that Robinhood’s update will have specially emphasized on security & providing education & clarity around the network & gas fees.
- Robinhood’s stock remained unmoving despite the announcement.
As the craze of cryptocurrencies rages onto the world facilitating the same to become mainstream, many businesses are increasingly focusing on the sector to provide the tinge of or facilitate their users into the crypto sphere. Recently, Robinhood announced its experiments & plans to launch its crypto wallets back in September while it has come up with further updates on the same.
The famous Robinhood platform is primarily a financial services company based out of california which is mostly used by retail traders since the firm has excelled in providing commission free trades to its users. It involves in trading with stocks, various ETFs & select cryptocurrencies
The firm, in a blogpost introduced their plans to launch their beta version of the digital wallet starting in Jan 2022 while also stating that many users were already on their waitlist who would get priority access to the digital wallets by mid January around 1.6M people were waiting for the wallet to be launched which will facilitate deposits & withdrawal of almost all tokens including Bitcoin, ethereum etc.
The trading app has been experimenting with its digital wallets since it had announced the plans in September & completed the first alpha transfer of the famous memecoin Doge in november. The firm now will roll out beta updates for the same, while the COO of Robinhood, Chirstine Brown mentioned that particular update will specially focus on the security of users while also educating them on transactions & providing them with clarity around the mechanics of the network & structure of the gas fees.
According to the firm while, many consider 2021 as the year when cryptocurrencies went mainstream, the firm believes that people were still familiarizing with the concept & navigation of the blockchains. Further, the firm mentioned, they were thrilled to introduce a broader range of investors to the cryptosphere for the first time.
However, the markets showed almost no enthusiasm as the news broke out, the price of Robinhood stock (HOOD) listed on NASDAQ remained unmoving, keeping the stock at its lower levels while currently trading at $17.63 at the time of writing.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
