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Robinhood sets to launch their cryptocurrency wallet

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American trading platform Robinhood recently announced the launch of its cryptocurrency wallet sometime in January. The news came earlier this week when the company announced that ‘In mid-January, we will launch the wallets beta phase, which will roll out to thousands of customers from the waitlist.’ 

Prior to the actual launch, the crypto wallet was unveiled back in September 2021 and in less than 30 days, the waitlist recorded 1.6 million customers.

The launch would only be in the beta phase which means that the software is most likely completed but may contain some bugs. This also allows the company to make minor tweaks to perfect the much-anticipated crypto wallet.

In a recent Alpha launch, a few select customers from the waitlist were able to get their hands on the wallet where they expressed feedback with regards to the design and overall functionality.

Customer-centric approach

One of the things that the customers noticed during the Alpha launch was the wallet’s lack of explanation regarding terms or jargon used in the crypto market. This urged the company to improve upon stating that they’re going to add 24/7 customer support through phone calls. Moreover, Robinhood also plans to write more crypto articles to help educate its users.

Improved Security

Another area that Robinhood plans to improve on, based on the reception of the Alpha launch, is its security. The company stated that it will be releasing additional security features for crypto transactions to remain safe. 

They added ‘These include multi-factor authentication in-app, so we know it’s you when you initiate a transfer, and transaction checks to better understand the risk of where coins are being sent.’

Wallet address

Robinhood also mentioned how wallet addresses will work on their much-awaited crypto wallet. Recently, they did a survey regarding this and 66% of their customers expect to only have a single wallet address for each of their transactions to which the company countered stating: ‘This is not the case, as each network will have a different address to send & receive coins when conducting on-chain, so each coin will have its own wallet address.’

Network and commission fees

Lastly, the company also touched upon the network and commission fees. They stated that the platform will implement free commissions while on-chain transactions will charge a network fee. 

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