Robinhood Launches A New Cryptocurrency Wallet

The prominent trading venue named Robinhood has Initiated testing the beta phase of the long-awaited crypto wallet thereof in which more than 1,000 consumers would be permitted to receive and send assets to the external wallets. The respective step is considered to be a landmark for the venue in the matter of blockchain technology.

In the recent period, a rapid decrease was witnessed in the stocks of Robinhood and a huge amount of the company’s revenue was managed through cryptocurrencies. Therefore the successful accomplishment of this wallet counts to be a significant event in the future upsurge of the platform as a lot of new consumers seem to join the venue

A long-awaited wallet of cryptocurrency

It was declared by the venue that the coming phase of the crypto wallet program of the company would provide the facility to nearly 1,000 consumers chosen out of a huge waitlist of up to 1.6M customers pursuing the respective feature. The platform, in a briefing, disclosed that the second prominent landmark in the launch of the wallet will permit the consumers of Robinhood to receive and send crypto to those crypto wallets that are external to the venue along with having a complete connection to the huge ecosystem of Robinhood for the initial time.

Which has been termed as a vital feature for the investors of Robinhood as a solution has been provided in this way for the Issue of the consumers’ inability to transfer the crypto holdings thereof. Formally, the consumers could not privately store or withdraw digital tokens such as Dogecoin, Ethereum, and Bitcoin on the platform of Robinhood.

Christine Brown – the Cryptocurrency COO at Robinhood – shared a Twitter post regarding the launch and revealed that in the proceedings of the beta project their focus will be the advancement in the user experiences such as sending receiving as well as a better transaction history along with block explorer providing the consumers with their on-chain transactions’ history.

Dogecoin backs Robinhood

The company moved on to elaborate that the testers of the beta phase will assist in assessing the core functionality along with providing important feedback to find out whether it is in line with the product’s final vision. The primary meme-based crypto token called Dogecoin (DOGE) is responsible for up to 40% of the crypto-based revenue of the venue.

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