The Robinhood crypto wallet release date is finally here, with users of the platfom now being able to transfer assets out of Robinhood.
Previously, Robinhood users were restricted to buying and selling their assets. This separates Robinhood from the likes of Coinbase and Binance, as their users can transfer coins to MetaMask wallets or from Binance to Coinbase without exchanging them into fiat money first.
However, this has since changed. Here’s a look at Robinhood’s crypto wallet rollout.
Robinhood Crypto Wallet Release Date
As of April 7, Robinhood has officially released its cryptocurrency wallet for "all eligible waitlist members". This means some 2 million users who were waiting for access now can use Robinhood's wallet offerings. However, users in New York, Nevada, and Hawaii don't yet have access.
This means that Robinhood users can now send and receive cryptocurrency and, as Robinhood stated, do this without paying any withdrawal fees.
Of course, these will not be the traditional version of cryptocurrency wallets. It's likely that Robinhood will still control user keys, but will now let them transfer assets out of the platform.
This comes after first Robinhood launched its cryptocurrency wallet as a beta for 1000 users on January 20. It planned to roll this out to 10,000 users before the end of March, but has since expanded this.
Explaining the slow rollout in a January blog post, it said:
Building wallets and connecting our millions of customers “on-chain” (connecting with the blockchain) is a big undertaking. We take this responsibility seriously, which is why we’re rolling out wallets methodically, and with Safety First in mind.
The alpha test for the wallets began in late 2021, with the first transaction transferring 420.69 DOGE.
Robinhood Supported Cryptocurrencies
As of April 2022, Robinhood supports seven cryptocurrencies. These are:
- Bitcoin Cash
- Bitcoin SV
- Ethereum Classic
While Robinhood has plans to expand its cryptocurrency operations, especially after seeing a huge rise in crypto users in 2021, it has not disclosed which coins (if any) it will add to its exchange.
Many in the Shiba Inu community continue to speculate that Robinhood will list SHIB after the cryptocurrency wallet releases, possibly as early as February. However, this remains speculation and, given the number of previously false SHIB Robinhood claims, should be taken lightly.
The last coin added to Robinhood was Bitcoin SV in late 2018.