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April 7, 2022

Robinhood offers wallets to 2 million users on the waitlist

Robinhood, a cryptocurrency and stock trading software, will expand its digital wallet feature to 2 million more customers.

Robinhood chief product officer Aparna Chennapragada announced on Thursday at the Bitcoin 2022 Conference in Miami that eligible users who had been on the queue for the digital wallet — more than two million individuals — can now send and receive cryptocurrency. 

Furthermore, the platform intends to incorporate the Bitcoin Lightning Network in order to cut transaction time and cost, as well as their carbon footprint.

Due to local rules, the crypto wallets will not be available to users in Hawaii, Nevada, or New York, according to Robinhood. Since September 2021, the platform has been testing its digital wallet feature, completing its first alpha transfer using Dogecoin (DOGE) in November 2021 and introducing the beta version in January 2022 for tens of thousands of users.

After a seven-month wait, many Robinhood users expressed their delight on social media, however several pointed out that the wallet will not enable Ethereum (ETH)-based services such as nonfungible tokens and ERC-20 tokens.

Any NFTs or unsupported tokens transferred to a Robinhood Ethereum address may be lost, according to the company’s FAQ page.

In the fourth quarter of 2021, Robinhood reported $48 million in transaction-based revenue from cryptocurrency, down from $51 million in the third quarter.

Furthermore, since the company went public in July 2021, the share price of Robinhood (HOOD) on the Nasdaq has fallen by more than 82 percent, from an all-time high of $70.39 on Aug. 4 to $12.17 at the time of publication.

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