With the sharp drop in the cryptocurrency market, Robinhood shares naturally fell. To boost its growth, the company decided to bet everything on the launch of its cryptocurrency portfolio. The beta version of it is already available and tested by 1,000 users selected by the company. Details in the following.
A long-awaited feature
A famous stock trading platform at its core, Robinhood has successfully completed its migration to the cryptocurrency market. From the second quarter of 2021, the activity related to cryptocurrencies represented 51% of the company’s income. However, Robinhood users faced a major problem: the unavailability of the transfer of their cryptocurrency holdings. Indeed, it was impossible for them to privately withdraw or store cryptocurrency on the platform. Robinhood has therefore decided to remedy this by launching its own cryptocurrency wallet.
It has just been deployed to 1,000 customers selected from a waiting list of 1.6 million users who have been waiting for this feature for a long time. ” This is the second major milestone in our wallet rollout, which will allow Robinhood customers to send and receive their Robinhood cryptocurrencies to external cryptocurrency wallets, and fully connect Robinhood cryptocurrency holders to the greater blockchain ecosystem for the very first time “says the company.
Provide critical feedback to refine the final version of the product
Robinhood said it has made efforts to develop correct and appropriate functionality to facilitate future scaling of the product. To that end, she hopes beta testers will help her test basic functions and provide critical feedback to fine-tune the final version of the product. In particular, they will be able to calculate the dollar value of the cryptocurrencies they wish to send or receive. They will need to enable two-factor authentication and will be subject to a daily limit of $2,999 in total withdrawals in 10 transactions.
” During the beta program, we will work to finalize send and receive flows and add delightful QR scanning experiences, improved transaction history and block explorer support so you can view your on-chain transactions – and more! Tweeted Christine Brown, Robinhood’s Director of Cryptocurrency Operations.
The success of this trial phase already promises to be crucial in order to trigger a new dynamic of growth within the company. The availability of an efficient cryptocurrency wallet associated with the Robinhood platform could be decisive when the markets recover.