On Wednesday, the trading platform released the information in a blog post. The Alpha testing phase for the business’s e-wallets has been completed, according to the company. It introduced a new mobile payment service for its consumers in the United States or less four months ago.
Robinhood has been testing its digital wallet functionality since its initial introduction in September. In November, the trading software completed its first alpha transaction utilizing DOGE. As per Robinhood COO Christine Brown, the new instance would be primarily concerned with customer safety. They will also give education on cryptocurrency transactions as well as clarification on network and gas prices.
The company is currently preparing to enter the beta phase, which will be open to 1 lakh clients. The new functionality, according to the business, would allow the user to withdraw cash Bitcoin, Ether, Dogecoin, as well as other tokens.
Robinhood spreads their wings
The functionality will go live in January, allowing a broader number of individuals on the queue to obtain access. While Alpha focuses on fewer clients and 1:1 connection, Beta will include a bigger range of people. Robinhood’s Crypto COO, Christine Brown, tweeted on Wednesday. It will provide coverage for hundreds of thousands of subscribers.
Brown provided information based on input from Alpha phase consumers. The material featured more transparency on gas fees as well as improved user security.
The business stated that they received input through their Alpha program.
They solicited feedback from a specific set of clients on their wallet backlog. During the Alpha, Robinhood claimed that it was the first to send dogecoins. They accomplished this by using an external wallet.
Alpha should be regarded as the software testing stage, whereas Beta should be regarded as the development of the software. Some users were given access to the app’s pre-release versions while providing live feedback.
In much less than a month, Robinhood’s Alpha program had some waitlist registration. There are currently almost 2 million people. Users of Robinhood have been clamoring for cryptocurrency wallet functionality. Some trustworthy organizations, including Robinhood’s competitors Coinbase and Gemini, already provide their own.
Brown stated in September that the new update, which was publicly disclosed previously this year, concentrates on a one-stop-shop facility where consumers may trade equities and digital products.
Robinhood promises to have built security mechanisms surrounding proof of identity and authentication into its future product, which comes as crypto-related criminality is on the rise in the United States and other areas of the world.
“We will be introducing some extra security measures for cryptocurrency transactions.” These include “in-app multi-factor authentication, so we know it’s you whenever you begin a transaction, and payment inspections to better understand the dangers of where coins are being transported,” according to the blog.
While conceding that the crypto sector became popular in 2021, Robinhood claimed its poll revealed that the majority of individuals are still getting to know that the world of digital currencies.
“According to our poll, 66 percent of clients who do not presently have crypto wallets anticipate having a single address for all of their transactions.” This is not the case, since each network will use a distinct name to transmit and receive coins while executing on-chain transactions, therefore each coin has its own wallet address,” according to the post.
In the year and, Robinhood is introducing a slew of additional services and features.
On September 13, for example, the business unveiled a tool that allows users to invest in their preferred currencies on a regular basis – completely free of cost — and as little as $1 (approximately Rs. 73.66) on a timetable of their choosing.
However, the year did deliver some unwelcome surprises for the cryptocurrency and stock trading software.
An unauthorized third party breached Robinhood servers in October. At the time, fraudsters gained access to the personal information of thousands of its users. An inquiry into the matter had been begun, but more information is unclear.
By mid-January, a test version of Robinhood’s wallet app will be accessible.