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Robinhood Crypto Wallet Release Date: Robinhood Launches Crypto Wallets For Waitlist Members

 

Robinhood Crypto Wallet Release Date: For those on the waitlist, Robinhood has launched cryptocurrency wallets.



Users of Robinhood may now transmit their cryptocurrency outside of the site.


The Robinhood crypto wallet has officially been released, and users of the platform may now move funds out of the platform.


Users of Robinhood were formerly limited to only purchasing and selling their assets. This distinguishes Robinhood from Coinbase and Binance, which let users move cryptocurrencies directly to MetaMask wallets, or from Binance to Coinbase without first trading them into fiat currency.



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This, however, has subsequently altered. Here's a peek at the launch of Robinhood's crypto wallet.


When Will Robinhood's Crypto Wallet Be Available?


Robinhood's bitcoin wallet is now available to "all qualified waitlist members" as of April 7. This implies that Robinhood's wallet services are now available to the 2 million users who had been waiting. Users in New York, Nevada, and Hawaii, on the other hand, do not.


This implies that Robinhood users may now send and receive cryptocurrencies without paying any withdrawal fees, as stated by Robinhood.


Of course, these aren't the same as typical bitcoin wallets. Robinhood is expected to keep ownership of user keys, but will now allow them to move assets out of the platform.


This follows the January 20 test launch of Robinhood's bitcoin wallet for 1000 consumers. It had planned to roll out the feature to 10,000 customers by the end of March, but it has since been increased.


In a January blog post, it explained why the deployment was taking so long:


Creating wallets and linking our millions of consumers "on-chain" (with the blockchain) is a huge task. We take this obligation seriously, which is why we're distributing wallets in a thorough and safe manner.


The wallets' alpha testing started in late 2021, with the first transaction transmitting 420.69 DOGE.




Cryptocurrencies that Robinhood supports


Robinhood supports seven coins as of April 2022. These are the following:


Bitcoin Cash

Bitcoin

Bitcoin SV

Ethereum

Ethereum Classic

Dogecoin

Litecoin


While Robinhood has stated that it intends to expand its cryptocurrency operations, particularly after seeing a significant increase in crypto users in 2021, it has not stated which currencies (if any) it would add to its exchange.


Many in the Shiba Inu community believe that when the cryptocurrency wallet is released, Robinhood will list SHIB, maybe as soon as February. However, considering the amount of previously erroneous SHIB Robinhood claims, this remains speculative and should be treated with caution.


Bitcoin SV was the most recent coin introduced to Robinhood in late 2018. 

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