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Robinhood intends to introduce a beta crypto wallet in January as HOOD falls to $17

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According to the company, the upcoming crypto wallet will enable users to deposit and withdraw Bitcoin, Ether, Dogecoin, and other tokens.

Robinhood, a crypto and stock trading app, intends to launch a beta version of its digital wallet feature in January 2022.

Robinhood stated in a blog post on Wednesday that thousands of people are on the waiting list for the trading app's crypto wallet will have access to the beta version in mid-January. The wallet will facilitate depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other tokens, as per the trading app.

Since its first announcement in September, the trading app has been evaluating its digital wallet feature, with the first alpha transfer utilising DOGE occurring on Nov. 22. According to Christine Brown, Robinhood's chief operating officer, the beta's goal will be on user security, and also crypto transaction knowledge and transparency on network and gas fees.

“While some say 2021 is the year that crypto went mainstream, the truth is that most people are still familiarizing themselves with the asset class and how to navigate the blockchain,” Robinhood explained. “With the launch of wallets, we’re thrilled to play a significant role in welcoming a broad range of investors to the cryptosphere for the very first time.”

The latest statement has no impact on the Nasdaq share price of Robinhood (HOOD). The stock has rapidly declined since going public in July, from an all-time high of $70.39 on Aug. 4 to $17.03 currently, a decline of over 75%.



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