Crypto and stock trading app, Robinhood will add up to 2 million new users to its digital wallet feature.
Aparna Chennapragada, Robinhood chief product officer, made the announcement Thursday at the Bitcoin 2022 Conference in Miami. She said eligible customers waiting for the digital wallet – more than two million people who had been on the waitlist – would now be able to send and receive crypto.
Additionally, the platform plans on integrating the Bitcoin Lightning Network to reduce transaction times, costs, and carbon emissions.
What you should know
- Users in Hawaii, Nevada, and New York will not be able to access the crypto wallets due to local regulations, according to Robinhood.
- Tens of thousands of users were able to use the platform’s beta version in January 2022, after the alpha versions had been tested since September 2021.
- Users’ reactions to Robinhood’s release on social media have mostly been positive after a seven-month wait. Some criticized the wallet’s lack of support for Ethereum-based services like non-fungible tokens and ERC-20 tokens.
- The Robinhood Ethereum address may not be able to receive NFTs or unsupported tokens, according to the company’s FAQ page.
In the fourth quarter of 2021, Robinhood reported transaction-based revenue from crypto of $48 million, a decrease of roughly 6% from $51 million in the third quarter.