Robinhood crypto wallet test goes live: 1,000 users can now withdraw cryptocurrencies

Online retail investing platform Robinhood has released a long-awaited beta version of its crypto wallet, from which users can finally withdraw cryptocurrencies.

The first 1000 users registered on the Wallet waiting list are eligible to participate in the test. Wallet testers will be able to withdraw up to $2,999 worth of cryptocurrency with up to 10 transactions per day.

Robinhood is a financial services platform backed by Citadel Securities that offers stock and cryptocurrency trading. Robinhood’s cryptocurrency buyers have been waiting for the wallet’s release since mid-2021 when the waitlist was first created. Brown's last public tally, published in November, put the waitlist at 1.6 million signups, about 7 percent of its total subscriber base.

While the current tester limit is 1,000, the company plans to raise the limit to 10,000 by March. Robinhood said in a Jan. 20 statement:

"Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product."

If the wallet tester is not an existing Robinhood user and uses the two-factor authentication app, know-your-customer (KYC) authentication is required.

Christine Brown, Robinhood’s chief operating officer for crypto trading, tweeted today that while the beta is underway, the company will be working on “adding a pleasant QR code scanning experience, improving transaction history, and supporting block explorers.”

Any cryptocurrency purchased on the platform cannot be withdrawn or stored privately until the wallet is released, making it essentially a nominal crypto exchange.

Now, however, Robinhood’s growing cryptocurrency division is starting to look like a full-fledged crypto exchange, which the company says will “fully connect Robinhood cryptocurrency holders to the larger blockchain ecosystem for the first time.”

Many traders on Robinhood favor Dogecoin as their currency of choice. DOGE accounted for 41% of Robinhood's total earnings in the second quarter of 2021 and 19% in the third quarter. There are also rumors that Robinhood will list SHIB, as Robinhood co-founder Vlad Kardapoltsev recently commented on the rise in the number of SHIB token holders.

Launching SHIB will depend on regulatory feasibility, Brown said.

Robinhood shares fell to an all-time low of $13.50 in after-hours trading.

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