If you've recently invested in crypto on Robinhood, and want to know if the company will release a crypto wallet, we've got the latest here.
While Robinhood supports cryptocurrency, it currently restricts its users to buying and selling these assets. This means users cannot withdraw or trade their coins without first exchanging them into fiat money, nor do they have free access to their coins via a wallet.
However, this may change in the future. Here’s a look at Robinhood’s future cryptocurrency plans.
Robinhood Crypto Wallet Release Date
Robinhood has confirmed in a blog post that a select group of customers will be able to start testing cryptocurrency wallets on Robinhood in October 2021, allowing users to finally move their assets out of the platform.
Describing its new wallet, Robinhood said:
Robinhood crypto wallets will allow you to move your crypto in and out of your app in a few taps: send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. This means you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more.
There is no confirmed full release for Robinhood's cryptocurrency wallet right now, but we'll keep this page updated with any new information?
Robinhood has yet to give any indication as to when its crypto wallet release date will be. However, the company has disclosed some information about its future implementation.
In a Q2 2021 earnings Q&A, Robinhood CEO Vlad Tenev answered a shareholder question regarding a potential crypto wallet.
Tenev cited the “explosive growth in crypto during Q1 and Q2” for Robinhood in explaining how the company has needed to expand its cryptocurrency team outwards and scale its systems to handle the capacity of interest.
He then said:
Offering crypto wallets and the ability to deposit and withdraw cryptocurrencies is tricky to do at scale, we want to make sure it’s done correctly and properly. And we want to make sure that everything from a security and operations standpoint is as bulletproof as possible, because our top value is safety first. And we hold ourselves to a very high standard for that.
So I think as with all these things, we want to make sure it’s right, but we have made a lot of progress in the crypto team in the platform. And we’re excited to roll this out for our customers. And we definitely hear you and it’s a key priority for our teams at Robinhood as well.
On Robinhood’s public roadshow in July, Tenev said a beta launch of new cryptocurrency features would come at “some point."
In a Fireside Chat video from March, he stated crypto wallets would come “as fast as possible.”
Robinhood Supported Cryptocurrencies
As of September 2021, 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.
Robinhood has also yet to confirm which cryptocurrencies its wallet will support.
The last coin added to Robinhood was Bitcoin SV in late 2018.
Read More: How To Buy Crypto Through PayPal