The launch date of the Robinhood crypto wallet is finally here, and platfom users can now transfer assets out of Robinhood.
Previously, Robinhood users were restricted to buying and selling their assets. This separates Robinhood from Coinbase and Binance, as its users can transfer coins to MetaMask wallets or from Binance to Coinbase without first exchanging them into fiat money.
However, this has since changed.
Here’s a look at the launch of Robinhood’s crypto wallet.
ROBINHOOD CRYPTO WALLET LAUNCH DATE
As of April 7, Robinhood has officially launched its cryptocurrency wallet for “all eligible waitlist members”. This means that some 2 million users who were waiting for access can now use Robinhood’s wallet offerings. However, users in New York, Nevada and Hawaii still do not have access.
This means that Robinhood users can now send and receive cryptocurrencies and, as robinhood stated, do this without paying any withdrawal fees.
Of course, these will not be the traditional version of cryptocurrency wallets. Robinhood will likely still control the user keys, but will now allow them to transfer assets off the platform.
This comes after Robinhood first launched its cryptocurrency wallet as a beta version to 1,000 users on 20 January. It planned to roll this out to 10,000 users before the end of March, but has since expanded it.
Explaining the slow rollout in a January blog post, it said:
“Building wallets and connecting our millions of customers ‘on-chain’ (connecting to the blockchain) is a big undertaking. We take this responsibility seriously, which is why we are deploying wallets methodically and with Safety First in mind.
Alpha testing for the wallets began in late 2021, with the first transaction transferring 420.69 DOGE.
CRYPTOCURRENCIES SUPPORTED BY ROBINHOOD
As of April 2022, Robinhood supports seven cryptocurrencies. These are:
While Robinhood has plans to expand its cryptocurrency operations, especially after seeing a large increase in cryptocurrency users in 2021, it has not revealed which coins (if any) it will add to its exchange.
Many in the Shiba Inu community continue to speculate that Robinhood will include SHIB after the cryptocurrency wallet is launched, possibly as early as February. However, this remains speculation and, given the number of previously false claims of Robinhood SHIB, should be taken lightly.
The last coin added to Robinhood was Bitcoin SV in late 2018.