Crypto trading app Robinhood is all set to launch the beta version of its digital wallet in early 2022. Recently, the company uploaded a blog post, which provided the information that one of the testing programs for the digital wallet has just been wrapped up. This announcement comes almost 3 months after the previous announcement that Robinhood was working towards the launch of its brand new digital wallet service.
In the blog post, Robinhood stated that over 1.6 million people want to start using its wallet service. However, it said that developing wallets and connecting millions of customers to the blockchain is a mammoth task. The wallet, whose beta version will be launched, will support the withdrawal and deposit of a variety of cryptocurrencies such as Dogecoin, Ether, and Bitcoin.
According to the company’s claims, the wallet will come with several advanced security features to minimize cybercrime risks. For instance, identity authentication and verification features are included. The highlight among all the security features is the in-app multi-factor authentication.
Robinhood also recently conducted a survey to determine the percentage of people that use crypto. The survey revealed the majority of the people are still learning the ropes as far as cryptocurrencies are concerned, even though the crypto ecosystem took huge strides forward into the mainstream in 2021.
However, it was not all smooth sailing for Robinhood in 2021. In October, the company experienced a server breach, with the details of its several-million-strong user base being compromised. While investigations had started into the case, not much has come up in terms of who was responsible for the breach and what the users’ data was used for.