Robinhood Expands Number of Crypto Wallets

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Alex Dovbnya

Robinhood has expanded its beta testing program for cryptocurrency wallets as it is preparing to ship the final version of the product

Robinhood Markets has expanded its beta testing program for cryptocurrency wallets, according to a Twitter announcement made by Aparna Chennapragada, the company’s chief product officer.

From now on, the new feature is available to 250,000 customers, but the lion’s share of the userbase is still on the waitlist.

The popular trading app launched the beta version of its hotly anticipated crypto wallet feature in late January. Initially, only 1,000 customers were able to withdraw crypto from their balances.

In November, Christine Brown, chief operating officer at Robinhood crypto, revealed that the crypto wallet waitlist had topped 1.6 million customers.

The company relies on beta testers to refine the core functionality of the wallet feature before shipping the final version.

Robinhood users have been clamoring for the introduction of external crypto wallets for years. The company would face constant criticism for essentially offering their customers “I-owe-you” (IOU) notes instead of actual cryptocurrencies.

As reported by U.Today, Dogecoin co-founder Billy Markus recently opined that the introduction of external crypto wallets would allow bolstering the cryptocurrency’s utility since it would no longer be viewed as merely a tool for speculation by Robinhood users.

The stock of the commission-free trading app remains down 85% from its record peak that was achieved in early August, shortly after the company went public.

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Robinhood experienced a 6% drop in cryptocurrency revenue as traders soured on Dogecoin, the meme cryptocurrency that became the darling of Robinhood traders last year.

The struggling trading platform has so far refrained from expanding its modest cryptocurrency line-up despite a plethora of requests to list joke cryptocurrency Shiba Inu.

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