Multi-asset trading platform Robinhood has finally finished waiting for its crypto wallet feature. Robinhood announced during the Bitcoin 2022 Conference that the wallet is now open to over 2 million users who have joined the WenWallet waitlist.
Robinhood gives users full access to their crypto
In an official follow-up publication, Robinhood stated that the wallet allows 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 publication also highlighted features that would make using the wallet easy and intuitive. These include a QR code scanning feature, mandatory two-factor authentication (2FA) for optimal security, network fee estimation, and a dashboard to monitor transactions and show the estimated dollar value of transactions.
Tenev also announced that Robinhood is working on Bitcoin Lightning Network integration. 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’re excited to offer our customers even lower costs through integration with the Lightning Network,” Tenev said.
Meanwhile, the wallet feature was first tested for 1000 users in January as part of 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 launched its Robinhood Cash Card, which automatically invests in crypto or stocks when users spend with it. The platform push for crypto adoption has paid off. Tenev revealed that Bitcoin is the number one recurring purchase value for 2022.
More platforms have been working on crypto integrations
Robinhood wasn’t the only company to announce a significant crypto integration feature this week. At 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 payments company Blackhawk.
Similarly, BitPay and CashApp announced new Lightning features. While Lightning Labs, the developers of the Lightning Network, unveiled a new protocol called Taro that will enable stablecoin issuance on Bitcoin L2.
Despite all the bullish events this week, the crypto market is slightly down. Bitcoin, the benchmark crypto, is down 0.23% over the past 24 hours and is trading around $43,400. The current price is a 4.78% drawdown from a week ago.
A cross-section of the top ten cryptocurrencies by market cap are also down on the weekly timeframe, according to data from CoinMarketCap.
Disclaimer
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 the publication assumes no responsibility for your personal financial loss.
About the author
Olivia’s interests span the cryptocurrency, NFT and DeFi industries. She is just as fascinated with cryptocurrencies today as she was when she first started learning about it in 2017. She is actively looking for the latest Crypto related stories. When she’s not writing, she’s feeding her pet chihuahua or curating vegan recipes. Reach me at [email protected]
