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Robinhood is launching a beta version of its Crypto Wallet

If you buy $100 of crypto, you should get $100 of crypto! Robinhood Markets is launching a beta version of its cryptocurrency wallet in January, the trading platform announced Wednesday.


Robinhood

After months of fine-tuning the new feature during the October alpha testing, Robinhood is now ready to move to the beta phase, which will be available to more users who want to sign-up.


"Through our alpha program, we sought feedback from a tight-knit group of customers from our wallets waitlist," the company said.



During the alpha, Robinhood also announced it made its first dogecoin transfer to an external wallet.


Users can think of alpha as the software testing phase and beta as the software development phase.


In Robinhood's case, some users early were given access to pre-released versions of the app while receiving real-time comments.


The platform's alpha program saw 1 million waitlist sign-ups in less than 30 days, and currently, around 1.6 million in total, Brown added.


Thus far, Robinhood's users have been patiently waiting for a crypto wallet feature while rivals Coinbase and Gemini already offer their own.



Although Robinhood users can trade crypto, a wallet will allow them to manage their holdings within the app. At the moment, users cannot store, manage, or swap digital assets in and out of their accounts, making exchanges like Kraken more attractive for crypto traders.


With the new feature, Brown in September said Robinhood, which went public in July 2021, is building towards its vision of being a one-stop-shop service where users can trade stocks and crypto.



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