- Some users can now withdraw their bitcoins from Robinhood.
- The feature will be rolled out gradually for those on the waiting list.
- Robinhood expects to roll out the feature to 10,000 customers by March.
Robinhood has started rolling out its long-awaited Bitcoin withdrawal feature. The company said in a statement Thursday that some users on the WenWallets waitlist have started participating in the functionality as beta testers and trying out the new cryptocurrency wallets.
“This is the second major milestone in our wallet rollout, which will allow Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets and fully connect Robinhood crypto holders to the larger blockchain for the first time. Connect ecosystem,” the statement said.
The feature is at the core of the Bitcoin ownership experience, as self-custody is the only true way for a user to be in control of their funds.
Robinhood said it started rolling out cryptocurrency wallets for 1,000 users from the top of the waiting list on Thursday, gradually inviting more users until it reaches the 10,000 tester mark by March. At this point, the company plans to roll out the feature to the rest of its users on the waitlist.
“Beta testers help us test core functionality and provide critical feedback to inform the final release of the product,” the statement said. “During the duration of the beta program, we will finalize the send and receive operations, add delightful QR scanning experiences, improve the transaction history interface, and add block explorer support to gain more insights into your on-chain transactions .”
Robinhood said it would also include the ability for a user to calculate dollar amounts of their cryptocurrency holdings when sending and receiving funds. However, beta testers have a daily limit of $2999 worth of bitcoin to withdraw with no more than ten transactions. Two-factor authentication is also required.