Robinhood to Begin Testing Crypto Wallets Next Month

Starting next month, select users will begin testing crypto wallets on the popular financial services mobile app Robinhood.

The new Robinhood crypto wallets will allow users to easily move supported cryptocurrencies to and from other wallets. Those digital coins can then be tracked in one centralized location and traded on Robinhood's existing commission-free crypto exchange. The initial rollout will support more established coins including Bitcoin, Ethereum, and Dogecoin. Security features include multi-factor authentication, and email/phone verification to keep the coins free from threats.

Robinhood promises to share the experience of the pioneer "alpha group" users on its blog and Twitter account as it prepares to gradually roll out access to those on the waitlist. According to The Verge, the company expects everyone to have access to their own crypto wallet by 2022.

We’re excited to make crypto more accessible by making investing simpler, more straightforward, and low cost," said Robinhood on its blog. "The world of Crypto may seem mysterious, complicated and unwelcoming, but it was born out of a mission to return power to the people, which aligns perfectly with our mission to democratize finance for all."

Existing customers can head over to the Robinhood website now to join the waitlist.