Robinhood Has Rolled Out Crypto Wallets

Robinhood has finally launched a crypto wallet for eligible customers on its waiting list, the trading platform said at a Bitcoin conference on Thursday.

Approximately 2 million customers in Robinhood's WenWallets queue can send and receive cryptocurrencies and buy non-fungible tokens (NFTs). According to the company, wallets are not available in  New York, Hawaii, and Nevada in the United States due to local regulations.

Robinhood is adding the Bitcoin Lightning Network to the platform. This is an open-source Layer2 protocol that makes transactions faster and cheaper. Also, since Bitcoin miners do not need to be validated, Lightning helps reduce carbon dioxide emissions in transactions.

The Chief Product Officer Aparna Chennapragada has said that the company is also working to add the ability to transact on the Bitcoin Lightning Network, which will allow customers to send and receive BTC in seconds for pennies instead of dollars.

Robinhood announced the release of the wallet in September 2022 when he opened the waiting list and started testing. 

Popular with private investors, Robinhood has benefited from the surge in cryptocurrency activity over the past year. It introduced a crypto trading service in 2018.