Robinhood Shares Latest Update on its Cryptocurrency Wallets

In September of this year, the team at Robinhood (NASDAQ:HOOD) had announced that crypto wallets were coming to the platform—enabling clients to not only trade, but send and receive virtual currency via the Robinhood app.

Robinhood wrote in a blog post that they’d long heard “Wen Wallets” echo “across the internet, but even [they] were surprised by just how excited [their] customers are for wallets.”

The Fintech firm revealed that they “saw 1 million waitlist sign-ups in less than 30 days, and as of today, more than 1.6 million people have signed up for wallets.”

Robinhood‘s management added:

“While we’re eager to roll-out new products as quickly as possible, building wallets and connecting our millions of customers ‘on-chain’ (connecting with the blockchain) is a big undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, and with Safety First in mind.”

Alpha Program Wrapped Up

Robinhood added that customer feedback is essential to how their build at Robinhood. Through their Alpha program, they “sought feedback from a tight-knit group of customers from our wallets waitlist.” They tested their first iteration of crypto wallets and “shared detailed design and functionality feedback with our team to help us deliver a top-notch experience.”

The Fintech firm also mentioned that they’ve shared some of the “top” themes based on the feedback they’ve received from their Alpha testers, as well as a survey of customers on their waitlist:

Provide a “distinctly” Robinhood experience

The platform’s customer-centric, design-first approach has “been a hallmark of Robinhood since [they] started,” the company claims while adding that even though wallets offer a new experience with a different asset class, the Alpha testers “wanted it to feel familiar, and that’s what we’ll deliver.”

Help them learn more about crypto

Robinhood customers want them to “be upfront with educational content and help them stay informed about the process of moving their crypto.”

They requested signposting and explanations “of terms like ‘network fees’ and ‘transaction ID.'”

As clients learn the ropes, they can rely on the Robinhood Learn articles, which they’ll expand with “more crypto articles, and 24/7 phone support should they run into any issues.”

The team at Robinhood also revealed:

“Our survey showed us that expectations differed based on experience – 66% of customers that don’t currently have a crypto wallet expect to have one address for all their transactions. This is not the case, as each network will have a different address to send & receive coins when conducting on-chain, so each coin will have its own wallet address.”

Security is top of mind

…not only for Robinhood, but for their clients who “relayed this in the Alpha program.”

As part of launching wallets, Robinhood confirmed that they will be introducing some additional security features for crypto transactions.

These reportedly “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.”

Clarity on network/gas fees

As always, crypto trading on Robinhood will “remain commission-free, but transacting on-chain typically requires a network fee, which is decided by the network and can fluctuate based on a number of factors, including the current demand for each network,” the company clarified.

The Fintech firm pointed out that some say 2021 is “the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain.”

With the launch of wallets, they’re “thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time.”

Launching our Beta

In mid-January, Robinhood will “launch the wallets Beta phase, which will roll out to thousands of customers from the waitlist.” They will be “sharing more information on the Beta program in the coming weeks.”

You may choose to join the waitlist today at wenwallets.com.

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