Robinhood Launches Cryptocurrency Wallets

Robinhood Launches Cryptocurrency Wallets

Popular retail trading platform Robinhood Markets Inc (NASDAQ: HOOD) has launched its cryptocurrency wallet for nearly two million users.

At the Bitcoin 2022 conference in Miami on Thursday, Robinhood Product Manager Aparna Chennapragada announced that everyone on the WenWallets waiting list will now have access to the digital wallet.

Due to local regulations, the cryptocurrency wallet will not be available to users in Hawaii, Nevada or New York.

Chennapragada also said the company is working to integrate the Bitcoin Lightning Network, so customers can send and receive BTC in seconds “at a cost of pennies instead of dollars.”

With the launch of the wallet, customers will finally be able to move their Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) from Robinhood for self-custody or to spend it elsewhere.

However, the wallet is quite limited in terms of functionality, as it does not support ERC-20 tokens or Ethereum-based NFTs.

The most popular ERC-20 tokens include Shiba Inu, Uniswap and Decentraland.

“Any unsupported coins sent to your Robinhood account may be lost and transactions are irreversible,” reads the FAQ page .

“This includes ERC-20 tokens sent to an Ethereum address on Robinhood.”

Additionally, outbound cryptocurrency transfers were capped at $ 5,000 per day, with a daily total of 10 transfers.

Furthermore, the wallet does not support tokens via airdrop, coins that have undergone a fork or ICO (Initial Coin Offering) token.

Price movement

Bitcoin had a daily increase of 0.63% to $ 43,611. Robinhood stock closed 3.52% lower at $ 12.07 on Thursday. Benzinga Pro data.

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