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Robinhood will start testing crypto wallets next month

Engadget

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, you'll 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.


Robinhood data breach exposes 7 million users' personal information

Mashable

It's incidents like this that keep us doing those annoying security trainings every year. Robinhood has announced a data breach revealing around 7 million users' information after an employee was tricked into providing a hacker with access to internal systems. The security breach occurred on Nov. 3, and involved an unauthorized person simply calling up the investing app's customer support. The caller then tricked a Robinhood employee into granting them access to sensitive user information, and managed to collect around 5 million people's emails and the full names of around 2 million more. That's bad enough already, but it gets worse.


Robinhood Sold IPO Shares to Over 300,000 of Its Customers

WSJ.com: WSJD - Technology

Hundreds of thousands of Robinhood Markets Inc.'s customers bought shares in the trading app's rocky initial public offering earlier this week. In a post on its app, Robinhood said 301,573 users participated in the IPO, which raised about $2 billion and valued the company at $32 billion. That represents about 1.3% of the company's 22.5 million funded accounts as of June 30. Breaking with recent Wall Street tradition, the company sold a big chunk of the shares in its hotly anticipated debut to the small-time investors who trade on its app. As much of 25% of the IPO shares went to Robinhood customers, The Wall Street Journal earlier reported.


Robinhood rolls out Crypto Wallets for more than 2 million people

Mashable

It's been a while, but Robinhood is finally opening its Crypto Wallets to more users. The company announced the news at the Bitcoin conference in Miami on Thursday: More than 2 million users who signed up for the waitlist for Robinhood's Crypto Wallets now have full access to the service. There's a notable exception, though: Crypto Wallets isn't available in Hawaii, Nevada, and New York "due to local regulations," said Robinhood, so people there will have to wait a little longer to get access. The company first launched the Crypto Wallets beta program in January 2022, initially rolling it out to just 1,000 customers. The feature allows users to transfer cryptocurrencies in and out of their Robinhood Crypto account.


Robinhood Prices IPO at $38 a Share

WSJ.com: WSJD - Technology

The price chosen by the company and its underwriters is at the bottom of the range of $38 to $42 a share they had been targeting. It pegs Robinhood's valuation at about $32 billion, far higher than the nearly $12 billion it fetched in a funding round a year ago but below the lofty prior expectations of some investors and bankers. Robinhood has said it and some executives would sell 55 million shares, so the offering should yield more than $2 billion. The price reflects both hesitation on the part of some investors, who bristled at what they saw as the high valuation Robinhood sought, as well as a conscious decision by the company and its underwriters to be conservative in order to help set up a successful first-day of trading, according to people familiar with the matter. Next up for Robinhood is its trading debut, which the company will make Thursday on the Nasdaq stock exchange under the symbol HOOD.