For months, officials at trading app Robinhood had promised that bitcoin wallets will be available soon.
The platform announced today that its beta program is already operational, with aims to reach 10,000 customers by March. The wallets, according to a blog post, “will enable Robinhood customers to send and receive their crypto from its wallet to external crypto wallets.”
Until today, users who used the program to trade cryptocurrencies like Bitcoin and Dogecoin were only able to purchase and sell. Robinhood basically held the cryptocurrency on their behalf, providing consumers with exposure to price swings but not to a decentralized blockchain ecosystem in which people manage their own funds.
Wallet holders will be able to buy, say, Ethereum and move it to another wallet so they may trade assets on decentralized exchanges like Uniswap or participate in any number of DeFi applications using the new capability.
As a result, the company claims that the new functionality would “fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time.”
However, there are limitations, since the company has advocated for a “safety first” approach to investing in crypto assets. During the beta period, for example, testers will be allowed to 10 withdrawals totalling no more than $2,999.
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