The company's blog posts on Thursday revealed that Robinhood Markets Inc is deploying cryptocurrency wallets for 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts.
Last year, the Menlo Park-based online brokerage laid out plans to start testing cryptocurrency wallets with a goal to wider use in 2022.
Out of the 1.6 million people on the crypto wallet waiting list, the top 1,000 can now exchange their cryptocurrency from Robinhood for external crypto wallets.
The new feature also connects digital asset owners to the blockchain ecosystem.
According to the company's terms, Beta testers will have a daily limit of $2,999 for total withdrawals and 10 transactions. They will also need to enable two-factor authentication.
Robinhood plans to expand the program to 10,000 customers by March 2022.
Robinhood's customers have long been asking for cryptocurrency wallets, which allow them to participate more broadly in blockchain-based ecosystems to be able to buy virtual assets such as non-fungible tokens (NTF) on the Ethereum network.
The company will be required to report fourth-quarter earnings on January 27.