Launch Of Cryptocurrency Wallets By Robinhood

Robinhood has become one of the popular trading platform these days and to it’s uplift, it has announced the beta launch of its cryptocurrency wallets by the mid of January. To this, the company has entioned about the participation of 1.6 million people for the crypto wallets. Company has further unveiled about the crypto wallet project by September for allowing its customers to trade, receive and send cryptocurrencies thereby using the Robinhood app. The announcement details entail- “In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.”

Robinhood’s Reveal About Launch

Robinhood had further mentioned that during the launch of wallet alpha which had also wrapped ‘ a tight-knit group’ of customers from waitlist tested company’s first crypto wallet iteration and had shared feedback of detail design and functionality. For example, the alpha testers had asked signposting and explanations of terms as ‘network fees’ and ‘transaction ID’. In its reply, the company had also mentioned about availing the crypto articles and offering 24/7 support of phone.

Robinhood had also mentioned:
“ We will be rolling out some additional security features for crypto transactions. These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer and transaction checks to better understand the risk of where coins are being sent.”

People’s Point of View

Some people are of the view that 2021 is the year when crypto headed the market, but actually many people on the other hand are still familiarising themselves with asset class and understanding the manner by which to navigate the blockchain and all this is being noted by the trading base.
Robinhood on the other hand, by December had partnered with Chainalysis for leveraging the blockchain data analytic firm’s data and tools for meeting compliance requirements and thereby giving the customers of Robinhood, the confidence which they actually require for safe trading.
Would like to hear some views of yours on the launch of crypto wallets by Robinhood. Wether the decision of launching beta crypto wallet is beneficial for the prospective investors or not?

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