Robinhood Starts To Allow Bitcoin Withdrawals
The trading app has kickstarted the beta phase of its bitcoin wallet feature, enabling a subset of users to self-custody their coins.
- Some users can now withdraw their bitcoin from Robinhood.
- The feature is rolling out in phases to those on the waitlist.
- Robinhood said it expects to roll out the feature to 10,000 customers by March.
Robinhood has started rolling out its long-awaited bitcoin withdrawal feature. The company said in a Thursday statement that some users in the WenWallets waitlist have begun taking part in the functionality as beta testers, trying out the new cryptocurrency wallets.
“This is the second major milestone in our Wallets rollout, which will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets, and fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time,” per the statement.
The feature is core to the experience of owning bitcoin because self-custody is the only true way for a user to have control over their funds.
Robinhood said it started rolling out the cryptocurrency wallets on Thursday to 1,000 users from the top of the waitlist, incrementally inviting more users until reaching the 10,000 testers mark by March, at which point the company plans to roll out the feature to the rest of the users in the waitlist.
“Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product,” per the statement. “Over the duration of the Beta program, we will finalize the send and receive flows, add delightful QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions.”
Robinhood said it would also include the ability for a user to calculate dollar amounts of their cryptocurrency holdings when sending and receiving funds. However, beta testers will have a daily limit of $2999 worth of bitcoin to withdraw in at most ten transactions. Two-factor authentication will also be required.
