Robinhood is finally adding crypto wallets to the platform
Wallets should be available to everyone by early 2022.
Robinhood has been letting users trade cryptocurrency for a while now, but the platform is finally ready to add wallets to give users more control of their crypto. Starting as early as next month, the platform will begin testing its wallets in a small “alpha” group of users.
Robinhood has allowed users to trade cryptocurrency for years now, but users are pretty limited on what they can do with the crypto they buy on the platform. Instead of actually owning the currency yourself, Robinhood currently stores all crypto purchased on the platform in its own wallet. This method treats crypto more like stocks, with users only being able to buy and sell crypto, instead of using the crypto for other purchases.
But the company says that’s all changing soon. It plans to deliver on its promise of adding crypto wallets starting next month. If you’ve been waiting for crypto wallets to make their way to Robinhood, you can join the platforms waitlist now to try and get in on early testing for the wallets.
Initially, Robinhood’s crypto wallets will only support currencies that are already available to trade on the platform, like Ethereum, Bitcoin, and Dogecoin. The company’s CEO Christine Brown told The Verge that it plans on adding more cryptocurrencies to the platform in the future.
As another quick note, Robinhood’s crypto wallets will be custodial, meaning the company controls the keys that are used to access your wallet. This means you give up a little control to the company, but you also don’t have to worry about the responsibility of keeping up with your own keys. You’ll also be able to move currencies from your Robinhood wallet to another wallet if you choose.
Those who join the waitlist for Robinhood’s wallets will have a chance to gain access to the feature during its testing phases starting next month. For everybody else, the company plans on having wallets available for everyone early next year.
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