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 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 , 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’.
