fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Robinhood Activates Crypto Wallet For 2M Users, Aiming At Bitcoin’s Lightning Network Integration

Robinhood Activates Crypto Wallet For 2M Users, Aiming At Bitcoin’s Lightning Network Integration

Lucas N by Lucas N
July 1, 2022
in Policy & Regulation
robinhood app
Share on FacebookShare on Twitter

You might also like

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

Australia, Canada, and Colombia made right decisions to halt CBDC plans

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

On Thursday, Robinhood Markets (HOOD) said that it had activated its crypto wallet for 2 million “qualified” users, allowing for the widely accessible digital assets transfers in the formerly long-firewalled investment app.

Aparna Chennapragada, Chief Product Officer of Robinhood, made the news live on stage at the world’s largest bitcoin conference on April 6-9 in Miami, Florida.

Previously, only a limited number of wallet beta-testers were able to transfer bitcoin (BTC), ether (ETH), dogecoin (DOGE), and a few other traded cryptocurrencies in and out of Robinhood’s app. It is possible for waitlisted consumers living outside of no-go zones such as New York, Nevada, and Hawaii.

She also revealed that Robinhood would introduce support for bitcoin transactions via the Lightning Network, which is a lightning-fast, low-cost settlement layer for the world’s largest cryptocurrency.

She added that “for the larger community, this is a fantastic way” to get bitcoin inexpensively and greenly, noting that BTC is the app’s most often purchased asset.

HOOD’s Cryptocurrency Push

Robinhood’s crypto wallet, first introduced in September, lacks advanced features such as self-custody. According to a FAQ page, “corporate wallets” hold clients’ private keys; those who choose to act as their own bank may shift their digital assets elsewhere.

Robinhood crypto wallet. Source: Robinhood

That is unlikely to matter to the swaths of day traders who had their first exposure to the crypto markets by betting on Robinhood-held DOGE. For example, they now spend and send meme coins — on Dallas Mavericks basketball tickets or a Tesla-branded belt buckle.

About ten million Robinhood users traded currencies early last year, demonstrating the app’s appeal. Robinhood’s almost-three-year-old crypto trading platform has generated a whopping revenue, with $48 million in the latest quarter.

CEO Vlad Tenev emphasised in a news release that wallets are just the beginning of their efforts to link consumers to the larger crypto ecosystem.

Robinhood’s Wallet’s Drawbacks

Robinhood’s multi-asset wallet is lacking in functionality. It fails to connect to Ethereum-based services in the same way that MetaMask does. It cannot accept ERC-20 tokens, non-fungible tokens (NFT), or any other asset listed outside Robinhood’s trading platform. Tokens created via airdrops and forks will also be invalid.

“Any NFTs sent to a Robinhood Ethereum address may be lost and unrecoverable,” the FAQ website said.

Staking seems to be off-limits for the time being as well. Tenev previously recognised users’ interest in the yield-earning function and said during the company’s most recent earnings conference that Robinhood was striving to upgrade its technology. A staking service, he said, would have to be “compliant.”

Users will not be charged for transferring their Robinhood-based coins to wallets that support such features. The firm said it would add anticipated gas fees to requested outbound transfers but not impose withdrawal fees.

Outbound transfers are limited to $5,000 per day, and freshly acquired crypto remains in the wallet until the transaction settles, the web page said. Also, users must pass an identity verification process and activate two-factor authentication to use the wallet.

Lucas N

Lucas N

Lucas N is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

Recommended For You

SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

by Van Tran
October 18, 2024
0
SEC Advances Appeal in Ripple Case, Challenging Earlier Ruling on XRP Sales

The U.S. Securities and Exchange Commission (SEC) has taken further steps in its appeal against a previous ruling in its ongoing legal battle with Ripple Labs. Late Thursday,...

Read more

Australia, Canada, and Colombia made right decisions to halt CBDC plans

by Van Tran
October 12, 2024
0
Australia, Canada, and Colombia made right decisions to halt CBDC plans

Australia, Canada, and Colombia have recently put brakes on their plans to launch central bank digital currencies (CBDCs). Interestingly, the opposition this time is coming not just from...

Read more

IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

by Van Tran
October 7, 2024
0
IMF Once Again Urges El Salvador to Strengthen Regulatory Framework and Oversight of Bitcoin

The International Monetary Fund (IMF) has once again urged El Salvador to refine its Bitcoin law and strengthen regulatory oversight of its Bitcoin ecosystem.  During a press conference,...

Read more

SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

by Van Tran
September 21, 2024
0
SEC Requests Four-Month Extension to Submit Documents in Coinbase Case

Following the current legal battle between the United States Securities and Exchange Commission and crypto exchange Coinbase, the SEC’s legal team has requested the court to allow them...

Read more

“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

by Van Tran
September 20, 2024
0
“Australia’s regulations haven’t kept up with innovation,” says crypto leaders

Some crypto experts have expressed concerns about Australian laws to keep up with the development and adoption of digital currencies in the country. They suggest that the government’s...

Read more
Next Post
The ultimate crypto exchange for Australians: CoinSpot vs CoinJar

The ultimate crypto exchange for Australians: CoinSpot vs CoinJar

Please login to join discussion

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    185 shares
    Share 74 Tweet 46
  • Kucoin Review 2024: Features, Fees & More

    156 shares
    Share 62 Tweet 39
  • Coinbase vs Binance: A Side-By-Side Comparison 2023

    270 shares
    Share 108 Tweet 68
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    429 shares
    Share 172 Tweet 107
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2024

    672 shares
    Share 269 Tweet 168

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$104,106.00-2.34%
    BITCOIN
    24H : -2.34%
    Volume : $41,393,910,551.00
    Marketcap : $2,068,468,448,832.00
  • ethereumEthereum(ETH)$2,550.07-4.00%
    ETHEREUM
    24H : -4.00%
    Volume : $22,657,050,439.00
    Marketcap : $307,868,810,828.00
  • tetherTether(USDT)$1.0000.00%
    TETHER
    24H : 0.00%
    Volume : $71,908,801,101.00
    Marketcap : $153,090,258,602.00
  • rippleXRP(XRP)$2.17-4.87%
    XRP
    24H : -4.87%
    Volume : $3,321,554,893.00
    Marketcap : $127,362,866,282.00
  • binancecoinBNB(BNB)$662.57-2.52%
    BNB
    24H : -2.52%
    Volume : $1,012,438,743.00
    Marketcap : $96,635,069,878.00
  • solanaSolana(SOL)$158.75-5.88%
    SOLANA
    24H : -5.88%
    Volume : $4,803,397,981.00
    Marketcap : $82,865,077,558.00
  • usd-coinUSDC(USDC)$1.0000.0100%
    USDC
    24H : 0.0100%
    Volume : $12,247,635,999.00
    Marketcap : $61,034,658,758.00
  • dogecoinDogecoin(DOGE)$0.197-10.19%
    DOGECOIN
    24H : -10.19%
    Volume : $2,336,320,503.00
    Marketcap : $29,492,084,848.00
  • tronTRON(TRX)$0.270-2.42%
    TRON
    24H : -2.42%
    Volume : $731,392,851.00
    Marketcap : $25,575,700,922.00
  • cardanoCardano(ADA)$0.695-5.54%
    CARDANO
    24H : -5.54%
    Volume : $909,419,336.00
    Marketcap : $25,070,754,428.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.