It’s been a turbulent year to say the least, but 2021 is finally at its end. As everyone prepares for a new year, it’s clear that 2022 will bring plenty of exciting developments that will affect both markets and stock prices. Cryptocurrency enthusiasts have been eagerly watching Robinhood (NASDAQ:HOOD) since September 2021, when the popular trading platform announced that it would be launching a crypto wallet feature in 2022. Even with the company’s waning popularity following its actions during the GameStop (NYSE:GME) frenzy of early 2021, investors knew that the implications of a crypto wallet would be significant. Yesterday finally brought the news they’d been waiting for as a Robinhood crypto wallet update was published.
According to a statement released on the company blog, these long-awaited crypto wallets are on the way. Additionally, the company says it is prioritizing delivering a “distinctly Robinhood experience.” While that may not necessarily have positive connotations, social media seems to be reacting positively to the news after company CEO Christine Hall Brown tweeted about the Robinhood crypto wallet update, confirming that they had officially moved on to beta stage of testing.
Goodbye #WalletsAlpha, Hello Beta!
Since our Alpha program ended, we have been reviewing the feedback and findings.
Top themes include:
– Maintain the Robinhood experience
– More education
– Additional clarity around network/gas fees
– Security is top of mind
— Christine (Hall) Brown (@christine_hall) December 29, 2021
This news has been good for Robinhood stock, which has shot up 6% this morning. What else should investors know as markets prepare for the next Robinhood crypto wallet update in the new year? Let’s take a closer look.
What to Know About the Latest Robinhood Crypto Wallet Update
- These wallets are a central part of Robinhood’s vision of connecting customers to blockchain technology and all that it offers. It makes sense that this is the next step for a company that has had success introducing young investors to the markets. As InvestorPlace’s Chris MacDonald noted, this represents a clear move to make Robinhood’s platform “even more millennial-friendly.”
- Indeed, the company is clearly focusing on providing a user-friendly experience. These new wallets will not only allow for crypto trades but for the sending and receiving of it among users. This is a trend that has gained popularity in the crypto community.
- According to the blog post, 1 million users signed up for the waiting list in less than 30 days following the initial announcement. As of today, “more than 1.6 million people have signed up for wallets.”
- However, the company is using a systematic approach, choosing to rollout wallets methodically due to “safety concerns.” Following November’s data security breach, this is hardly surprising.
- As part of the wallet’s alpha stage, Robinhood selected a group of consumers from the waiting list to provide feedback. These users tested the first iteration of crypto wallets and “shared detailed design and functionality feedback” with Robinhood’s team.
- Consequently, Robinhood is making crypto education a central part of this initiative. This comes after the feedback indicated that users wanted definitions of industry terms and in-depth explanations on the finer details.
- According to the post, Robinhood will deliver multiple wallets for traders looking to diversify their crypto portfolios. “Each network will have a different address to send & receive coins when conducting on-chain, so each coin will have its own wallet address.”
- So, what’s the most important Robinhood crypto wallet update? The beta stage of testing will launch in mid-January 2022. Initially, it will be rolled out to thousands of names on the waiting list. Furthermore, the company indicated that more details will become available in the coming weeks.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.