Market News

Robinhood to Launch Beta Wallets in Mid-January; Shares Up

Cryptocurrency and stock trading platform Robinhood Markets Inc. (HOOD) announced that it will launch the beta version of its digital wallet in January 2022. Following the news, shares jumped 1.3% momentarily before closing the day down almost 2% at $17.11. The company was listed in July 2021 and its shares have lost 50.9%.

HOOD’s Beta Wallet Features

In October, the company started testing the alpha version of its wallet, which allowed only 1:1 customer engagement, and only a few customers had access to its app. After taking feedback from the closed group of customers who used it, Robinhood is now ready to release the beta version of the wallet.

According to HOOD, the beta version will allow thousands of customers to use its app. During the alpha phase, about 1 million customers were waitlisted with sign-ups in less than a month. As of today, around 1.6 million customers are on the waitlist.

While the alpha version did not allow customers to send or receive digital assets, or store them, the crypto wallets in the beta phase will allow them to trade as well as send and receive crypto via the app. The app will support cryptocurrencies like Bitcoin (BTC-USD), Ether (ETH-USD), and Dogecoin (DOGE).

During the alpha testing phase, consumers gave feedback on some of the features they wanted in the wallet. Accordingly, Robinhood said that they will make the wallet familiar to others and easy to use. Moreover, customers want educational content on some of the processes and definitions, which will be provided through the Robinhood Learn articles.

Additionally, the beta version will provide 24/7 support and top-notch security for crypto transactions, including multi-factor authentication. Finally, the wallet will provide more clarity on network/gas fees.

Analysts’ View

Overall, the stock has a Moderate Buy consensus rating based on 6 Buys, 5 Holds, and 2 Sells. The average Robinhood price target of $40.92 implies a whopping 139.2% upside potential to current levels.  

Blogger Opinion

TipRanks data shows that financial blogger opinions are 52% Neutral on HOOD, compared to a sector average of Best Blockchain Stocks being 70%.

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