Robinhood has launched pockets beta for ETH, BTC and DOGE transfers

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Robinhood has launched a wallet beta for Ethereum, Dogecoin and Bitcoin transfer as the company has long promised this feature is coming, so let’s read more in our latest cryptocurrency news today.

For months, executives at trading app company Robinhood promised crypto wallets were coming. Today, Robinhood launched Wallet Beta for the first 1000 people on the waiting list. Robinhood announced that its beta program has gone live with further plans to scale to 10,000 users by March. The wallets will allow Robinhood customers to send and receive crypto from Robinhood to the external crypto wallets.

Until now, those trading crypto like DOGE and BTC through the app have been limited to buying and selling, while Robinhood essentially held the crypto in their name, exposing users to more price movements, but not truly a decentralized blockchain ecosystem were exposed in which users can control their own finances. For example, with the new functionality, wallet holders can buy and sell ETH on Robinhood and then transfer it to another wallet so they can swap assets on decentralized exchanges like Uniswap or participate in a range of DEFI apps.

Because of this, Robinhood said the new feature will be fully connected to crypto holders for an even larger blockchain for the first time. With this in mind, there are limits that Robinhood must adhere to in order to ensure the safety of crypto investments in crypto assets. For example, during the beta run, testers are limited to 10 withdrawals totaling $2,999.

Bitcoin bottom is here, BTC, price, level, RSI

As recently reported, Robinhood is primarily a stock trading app and allowed users to invest in BTC as well as other cryptocurrencies in 2018. However, in the absence of wallet features, users could withdraw their crypto investments as cash balances and this limitation drew criticism from the crypto community, which is why Robinhood announced that it would be introducing crypto wallets to the app in September 2021. Robinhood said the waitlist for its wallets attracted 1 million users in 30 days of the announcement, and also noted that it added 1.6 million people who signed up in total. The company hasn’t really revealed when the final version of its wallet will be available to the public.

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