Robinhood rolls out wallets to 2 million waitlisted users and plans to integrate Lightning

Robinhood rolls out wallets to 2 million waitlisted users and plans to integrate Lightning

Cryptocurrency and stock trading app Robinhood will roll out its digital wallet feature to an additional 2 million users.

In an announcement Thursday at the Bitcoin 2022 Conference in Miami, Robinhood chief product officer Aparna Chennapragada said that eligible customers who were on the digital wallet’s waiting list — more than two million people — can now send and receive cryptocurrencies. In addition, the platform plans to integrate the Bitcoin Lightning Network to reduce the time and cost of transactions, as well as its carbon footprint.

According to Robinhood, cryptocurrency wallets will not be available to users in Hawaii, Nevada, or New York “due to local regulations.” The platform had been testing its digital wallet feature since September 2021, completing its first alpha transfer with Dogecoin (DOGE) in November 2021 and launching beta to tens of thousands of users in January 2022.

The reaction of many Robinhood users on social media after seven months of waiting appeared to be mostly positive, although some pointed out that the wallet will not support Ethereum (ETH) based services such as non-fungible tokens and ERC-20 tokens. According to the firm’s FAQ page, any unsupported NFTs or tokens sent to a Robinhood Ethereum address can be lost.

Robinhood reported $48 million worth of crypto transaction-based revenue in Q4 2021, down about 6% compared to $51 million in Q3. Additionally, Robinhood’s (HOOD) stock price on the Nasdaq has declined since the firm went public in July 2021, falling from an all-time high price of $70.39 on August 4 to $12.17 at the time of listing. publication, a drop of more than 82%.

Read:  Bank of Spain points out risks related to cryptocurrencies

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.