Robinhood Eligible Waitlist Members Now Have Crypto Wallets

On Thursday, Aparna Chennapragada, the Chief Product Officer at Robinhood, announced that eligible users on the waitlist would have the company’s long-awaited crypto wallet.

According to a blog post on the platform’s website, the announcement was made at the Bitcoin Conference 2022 in Miami, Florida where Robinhood pointed out that the waitlist accounted for over two million people.

From now on, all eligible customers who signed up for the waitlist will be able to send and receive any of the cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term available through Robinhood. However, Hawaii, Nevada and New York are not yet available for crypto-wallets. “Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network,” Vlad Tenev, the CEO and Co-Founder of Robinhood, commented on the announcement.

With the crypto wallets powered by Robinhood, people could scan QR codes to send crypto to wallet addresses, enhanced by two-factor authentication security.

Moreover, Robinhood clarified that network and gas fees would be applied on top of all requested transfers for convenience, except for ‘Send All’ cases, in which case they are deducted.

Lightning Network Arrives at Robinhood

Also, the platform announced that Lightning is coming to Bitcoin transfers at Robinhood Crypto. “We will be adding the ability to transact on the Bitcoin Lightning Network Lightning Network The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t Read this Term, an open-source ‘layer-2’ for Bitcoin transactions in the near future. Because these transactions occur ‘off-chain’, Lightning network transactions occur in a matter of seconds vs. minutes and for pennies vs. dollars, saving customers time and money. Network fees will vary based on demand in the Bitcoin network. What’s more, Lightning Network Bitcoin transfers reduce the carbon footprint of the transaction as bitcoin miners are not needed to validate,” the company highlighted.

Recently, Chennapragada made some statements about the interest of the trading platform in the non-fungible tokens (NFTs) industry, saying that they are ‘fascinated’.