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Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17

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Beginning in January 2022, Robinhood, a cryptocurrency and stock trading app, plans to release a beta version of its digital wallet feature.

In a blog post published on Wednesday, Robinhood said that tens of thousands of people on the waiting list for the trading app’s crypto wallet will be able to try out the beta version starting in mid-January. Moreover, the wallet will handle depositing and withdrawing Bitcoin (BTC). As well as Ether (ETH), Dogecoin (DOGE), and other tokens, according to the trading app.

Since its first announcement in September, the trading app has been testing its digital wallet feature. With the first alpha transfer — utilising DOGE — taking place on November 22. According to Christine Brown, Robinhood’s chief operating officer, the beta launch would prioritise customer security, as well as crypto transaction education and transparency on network and gas fees.

“Some claim that 2021 will be the year that crypto becomes popular. However, the truth is that the majority of individuals are still learning about the asset class. As well, how to navigate the blockchain”. Robinhood stated. “With the launch of wallets, we’re ecstatic to play a key part in introducing a wide spectrum of new investors to the cryptosphere”.

The Nasdaq stock price of Robinhood (HOOD) appeared unaffected by the current statement. The company, which first went public in July, has slowly plummeted from an all-time high of $70.39 on Aug. 4 to $17.03 at the time of publication, a reduction of more than 75%.

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