Robinhood Crypto Wallet Waitlist Open

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Over one.6 one thousand thousand people already joined the waitlist.

Key points

  • Robinhood will launch a beta version of its crypto wallet in Jan.
  • Crypto wallets requite investors more than command over their cryptocurrency avails.
  • Robinhood says security, education, and clarity will be cadre to its wallet product.

Robinhood’s crypto wallet plans are gaining momentum. In September, the popular online broker announced plans to add wallet functionality to its Robinhood app. The crypto wallet rollout volition mean customers could utilize the app to send and receive crypto, rather than simply buying and selling information technology.

Just 30 days after its announcement, 1 one thousand thousand people had signed up for the waitlist. And now that figure stands at over 1.6 million, according to a blog postal service from the visitor. Thousands of those people volition exist eligible for the beta stage, which begins in a few weeks.

Why crypto wallets thing

Crypto wallets are essentially a way to store the keys to your crypto. Cryptocurrencies are encrypted with a public and private key (a bit like your bank account number and PIN). Many crypto enthusiasts believe if you don’t control your keys, you lot don’t actually own your crypto.

Crypto brokers similar Robinhood tend to apply custodial wallets, which means they take care of your crypto keys. The advantage of this is that yous don’t take to worry about storing the countersign or keeping your wallet secure. If you have a crypto wallet and lose admission to it, there’s no handy “Forgot password” button — your assets are locked away forever. Equally a upshot, billions of dollars worth of crypto are stuck in wallets that can’t exist opened.

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On the other mitt, moving your crypto into a wallet you control has advantages. You’re less at chance if the cryptocurrency commutation you utilize gets hacked. And if for some reason the exchange freezes your business relationship, you won’t be impacted. Moreover, if yous desire to use your crypto assets to earn involvement on i of the many decentralized finance applications out there, it’south only a question of connecting your wallet.

At that place are also crypto revenue enhancement implications. When you lot sell your crypto, it is a taxable event. And correct at present, Robinhood customers would have to sell their crypto avails to exist able to motility that coin off the platform. If they instead move the assets into an external wallet, they still own that crypto and wouldn’t have to pay tax on any gains until they sold or spent it.

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Go started

What next for Robinhood’south wallet?

Robinhood has finished its initial testing phase, which included its first transfer — moving Dogecoin (DOGE) to an external wallet. The next footstep is to open its beta testing to some of the Robinhood customers on the waitlist.

Based on feedback from the alpha testing, Robinhood says information technology will introduce a number of security features for its wallet. These include multi-factor authentication and other transaction checks. Information technology says pedagogy is primal equally blastoff testers wanted more information and explanations of wallet terminology.

It is too working on a way to make gas fees easier to understand. Gas fees change depending on which blockchain network the transaction is beingness fabricated on. For example, Ethereum (ETH) fees are much higher than those on the Solana (SOL) blockchain.

One time information technology launches, Robinhood customers will exist able to send and receive any of the seven cryptocurrencies the broker supports. They can then trade them commission gratis on Robinhood’s platform.

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Robinhood Crypto Wallet Waitlist Open