Robinhood will start testing crypto wallets next month

Robinhood plans to start a cryptocurrency wallet next month, the company announced on Wednesday. The tool will allow you to send and receive digital currencies, as well as trade them and move them off the app. If you want to take part in the test, youll need to join a waitlist. Robinhood plans to trial the feature with a small number of users first before expanding availability to more people gradually.

The company told The Verge it expects everyone will have access to their own wallet sometime in 2022. In the meantime, you can see progress on the wallet by following Robinhoods Twitter account and blog. The company promised to share whatever feedback early users provide on the product with the community. Initially, the wallet will support Bitcoin, Ethereum and even Dogecoin.

The wallet will use a custodial system, which means Robinhood will manage the keys you need to unlock it. That said, youll have the option to move your cryptocurrencies to other platforms should you so choose. Other security features include support for multifactor authentication, in addition to both email and phone verification. While waiting for Robinhood to roll out the wallet feature to everyone, you can start using the recurring crypto investment tool it announced at the start of the month.