Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17

The forthcoming crypto wallet will allow users to deposit and withdraw Bitcoin, Ether, Dogecoin and other tokens, the company said.

Cryptocurrency and stock trading app Robinhood plans to roll out the beta version of its digital wallet feature starting in January 2022. 

In a Wednesday blog post, Robinhood said tens of thousands of users currently on the waitlist for the trading app’s crypto wallet would have access to the beta version starting in mid-January. The trading app said more than 1.6 million people were waiting for the wallet, which will support depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other tokens.

The trading app has been testing its digital wallet feature since it was first announced in September, completing its first alpha transfer — using DOGE — on Nov. 22. According to Robinhood chief operating officer Christine Brown, the beta rollout would be focused on the security of users, as well as providing education on crypto transactions and clarity around network and gas fees.

What’s next? The #WalletsBeta phase will start in mid-January & enable a larger group of users from the waitlist to gain access.

While Alpha focused on a small batch of customers and 1:1 engagement, Beta will roll out to tens of thousands of customers.

— Christine (Hall) Brown (@christine_hall) December 29, 2021

“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,” said Robinhood. “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.”

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The share price of Robinhood (HOOD) on the Nasdaq seemed to be unmoved by the recent announcement. First going public in July, the stock has steadily declined from an all-time high price of $70.39 on Aug. 4 to $17.03 at the time of publication, a drop of more than 75%.