Robinhood has had crypto plans from late last year and towards the end of December news was sent out that the launch of the beta wallet will be in 2022. The initial purpose of the beta wallet was to enable the deposit and withdrawals of Bitcoin, Ethereum, and Dogecoin.
Robinhood’s user base has grown significantly since 2014. It once stood at 50,000 and in 2021 went up to about 21 million. This can be compared to Binance, which is considered to be the largest cryptocurrency exchange on the planet. Binance had an estimated user base of 28.6 million users as of October 2021.
The Launch of the Crypto Wallet:
Robinhood released an announcement regarding the digital wallet. They stated that initially, it will be open only to the 1,000 waitlisted clients. They expect to extend this to 10,000 of the waitlisted customers by March.
Features of the Crypto Wallet:
The digital wallet will give clients the ability to send and receive crypto from Robinhood to various other crypto wallets. Previously Robinhood had only supported the buying and selling of cryptocurrency however this new digital wallet opens a new door for crypto holders. It will give the opportunity for people to fully connect to the greater blockchain ecosystem.
- $2,999 is the daily withdrawal limit the beta wallet permits.
- A maximum of 10 transactions per day.
- It requires two-factor authentication.
Robinhood supports the following 7 cryptocurrencies. Bitcoin SV, Bitcoin Cash, Bitcoin, Dogecoin, Litecoin, Ethereum Classic, and Ethereum.
The Robinhood launch comes at a difficult time for the crypto market. Regulatory activity and talk have been on the rise since late last year, putting support for cryptos to the test. Just this week, SEC Chair Gary Gensler issued a statement warning of a crackdown on digital assets this year The SEC Chair has hinted at more direct supervision of bitcoin trading platforms in the coming months. The Bank of England, the IMF, and India’s Prime Minister have all recently called for a worldwide framework to manage cryptos.
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