Robinhood Users Eager to Try New Digital Wallet Face a Waitlist

Recently announcing the integration of a new digital wallet, Robinhood plans to get users' attention by instilling a waitlist to get in on its new feature. Slickly tweeting that the company has "heard" its clients, Robinhood links where users can join the waiting list for the highly anticipated wallet.

Luring clients who persistently ask about the wallet, Robinhood knows that by announcing the integration of a crypto wallet, users will want to know more. Users can refer prospective clients to bump up their standings on the waiting list, which gives more exposure to Robinhood and crypto.

Awarding current customers with access, Robinhood gives existing customers eligibility to get on the waitlist for its new wallet. Those who aren't users must create an account before joining the waitlist.

According to the website, Robinhood incentivizes those on the waitlist to move up by using a referral method. Essentially, the more "family and friends" a user invites, the more opportunity they have to jump up spots from their current position on the waitlist.

Users will also be able to check their spots on the waitlist. Users hope to make it closer to the top of the list to ensure that they will be one of the first to test out Robinhood's wallet.

Once a user has successfully joined the waitlist, they're prompted to the page where they will find both the link to invite others and their position on the waitlist.

Robinhood benefits from more invitation links sent out since it enables exposure. There isn't a limit to how many invites can be sent. However, for a user to jump up the waitlist, their referrals must successfully join Robinhood and link their bank accounts before the waitlist ends.

Acknowledging the fact that it wants to ensure a high-quality experience for users, Robinhood doesn't have a date for the launch of the wallet other than the assurance that it aims to provide access "...as soon as possible." Interestingly enough, joining the waitlist suggests an alpha since Robinhood reminds users the only way "to get access to the feature, and off the waitlist is to be an eligible user."

When Coinbase releases the announcement of a new product, it integrates a waiting list providing first access to the feature. The company is able to structure incentives for joining and for referring. In this way, it's a win-win for the user and the platform since they both benefit from sending out referral links.

While there isn't an exact date for the launch of the Robinhood digital wallet, the crypto COO at Robinhood, Christine Brown did allude in a comment that priority access will be given to those on the waitlist. “So we’ll be giving people from the waitlist access first, and then we’ll have general availability out to 100% by early 2022,” Brown said.