The trading app has started the beta phase of its bitcoin wallet feature, allowing a subset of users to self-fund their coins.
Some users can now withdraw their bitcoins from Robinhood. The feature is being rolled out in phases for those on the waiting list. Robinhood said it 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 waiting list have begun participating in the functionality as beta testers, trying out the new cryptocurrency wallets.
“This is the second major milestone in the launch of our wallet, which will enable Robinhood customers to send and receive their Robinhood cryptocurrency to external cryptocurrency wallets and fully connect Robinhood cryptocurrency holders to the blockchain ecosystem. larger for the first time,” according to the statement.
The feature is essential to the bitcoin ownership experience because self-custody is the only real way for a user to have control over their funds.
Robinhood said it began rolling out cryptocurrency wallets on Thursday to the top 1,000 users on the waitlist, inviting more and more users until it hits the 10,000 tester mark in March, at which point the company plans to roll out the feature to the rest of the market. Users on the waiting list.
“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product,” according to the release. “During the Beta program, we will finalize the send and receive flows, add nice QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more information about your on-chain transactions.”
Robinhood said it would also include the ability for a user to calculate the dollar amounts of their crypto holdings when sending and receiving funds. However, beta testers will have a daily limit of $2,999 in bitcoins to withdraw a maximum of ten transactions. Two-factor authentication will also be required.