The multi-asset trading platform Robinhood has finally put an end to the wait for its crypto wallet feature. Robinhood announced at the Bitcoin 2022 conference that the wallet is now open to more than 2 million users who have signed up for WenWallet’s waiting list.
Robinhood gives users full access to their crypto
In a follow-up official release, Robinhood detailed that the wallet will allow the sending and receiving of all cryptocurrencies traded on the exchange. The goal of developing the feature is to make crypto investing as easy as possible, said Vlad Tenev, CEO and co-founder of the platform.
The release also highlighted features that would make using the wallet easy and intuitive. These include a QR code scan feature, mandatory two-factor authentication (2FA) for optimal security, network cost estimation, and a dashboard to track transactions and see the estimated dollar value of transactions.
Tenev also revealed that: Robin Hood is working on the integration of the Bitcoin Lightning Network. The popular Bitcoin Layer 2 scaling solution will significantly reduce Bitcoin transaction costs on the commission-free trading platform.
Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We are excited to bring even lower costs to our customers by integrating with the Lightning network, Tenev said.
Meanwhile, the wallet feature was first tested for 1,000 users in January under the exchange’s Crypto Wallet Beta program. However, the current update is not available to users in Hawaii, Nevada, and New York due to local regulations.
Previously, the exchange also introduced its Robinhood Cash Card, which automatically invests in crypto or stocks as users spend with it. The platform push for crypto adoption has paid off. Tenev revealed that Bitcoin is the number one recurring buying asset for 2022.
More platforms have been working on crypto integrations
Robinhood isn’t the only company to announce a major crypto integration feature this week. During the Bitcoin 2022 conference, Jack Maller’s Strike announced strategic partnerships with e-commerce giant Shopify, the world’s largest point of sale provider NCR, and payment company Blackhawk.
Likewise, BitPay and CashApp have announced new Lightning features. While Lightning Labs, the developers of the Lightning Network, unveiled a new protocol called Taro, which allows stablecoins to be issued on the Bitcoin L2.
Despite all the bullish events this week, the crypto market has fallen slightly. Bitcoin, the benchmark crypto, is down 0.23% in the past 24 hours, trading at around $43,400. The current price is a 4.78% increase from a week ago.
A cross-section of the top ten cryptocurrencies by market cap is also lower in CoinMarketCap’s weekly timeframe by data.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Olivia’s interests span the cryptocurrency and NFT and DeFi industries. She remains as fascinated with cryptocurrencies today as she was in 2017 when she first started reading about them. She is actively looking for the latest Crypto related stories. When she’s not writing, she tends to her pet Chihuahua or prepares vegan recipes. Reach me at [email protected]
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