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Robinhood starts rolling out beta version of crypto wallets

The wallets will go to the first 1,000 people on the company's waitlist.

Bree Fowler Senior Writer
Bree Fowler writes about cybersecurity and digital privacy. Before joining CNET she reported for The Associated Press and Consumer Reports. A Michigan native, she's a long-suffering Detroit sports fan, world traveler, wannabe runner and champion baker of over-the-top birthday cakes and all-things sourdough.
Expertise cybersecurity, digital privacy, IoT, consumer tech, smartphones, wearables
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Robinhood kicks off beta version of crypto wallet program.

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Robinhood has started rolling out the beta version of its new crypto wallets program. 

The wallets will go first to the 1,000 people at the top of the financial services company's waitlist, with the program expected to expand to 10,000 people by March, before it's opened up to the rest of the waitlist.

Participating customers will be able to move cryptocurrencies like Bitcoin, Ether and Litecoin between Robinhood and external crypto wallets, fully connecting the company's crypto holders to the blockchain ecosystem for the first time. The beta testers also will help test core functionality and provide feedback that will help shape the final version of the product, Robinhood said.

Users will have a daily limit of $2,999 in total withdrawals and 10 transactions. They'll also need to enable two-factor authentication.

Robinhood's financial app, which includes commission-free stock trading, also offers cash management accounts and previously has supported some cryptocurrency trading. The company has been mired in controversy, attracting the scrutiny of state regulators and academics for "gamifying investing" and for its role in last year's GameStop trading fiasco.