Robinhood Markets Inc. is releasing a crypto wallet for 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post on Thursday.
The Menlo Park-based online brokerage planned to begin testing the cryptocurrency wallet last year, aiming for a wider rollout in 2022.
Out of approximately 1.6 million people on the waiting list for crypto wallets, the top 1,000 selected can now exchange their crypto with an external crypto wallet from Robinhood.
The new feature also connects holders of digital assets to the blockchain ecosystem.
The company said beta testers will have a daily limit of $2,999 in total withdrawals and 10 transactions, and will need to enable two-factor authentication.
Robinhood hopes to expand the program to 10,000 customers by March, benefiting from the boom in retail business during the pandemic.
Its customers have long asked for a crypto wallet, which allows for wider participation in blockchain-based ecosystems, such as purchasing virtual assets such as non-fungible tokens (NTFs) on the Ethereum network.
The company is set to report fourth-quarter earnings on Jan. 27.
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