The news was revealed during the Bitcoin 2022 Conference in Miami.
Robinhood has announced that the cryptocurrency wallets would only be accessible in New York, Nevada, and Hawaii due to laws.
Robinhood, the cryptocurrency and stock trading app, will make its digital wallet function available to an additional 2 million customers.
Aparna Chennapragada, Robinhood's chief product officer, said on Thursday at the Bitcoin 2022 Summit in Miami that 2 million qualified clients who had been put on a waiting list for the wallet app may now send and receive cryptocurrency.
Additionally, the system intends to incorporate the Bitcoin Lightning Network to minimize trade time and expense while also lowering its carbon impact.
Robinhood has announced that the cryptocurrency wallets would only be available in New York, Nevada, and Hawaii due to laws.
Since September 2021, the platform has already been developing the mobile wallet functionality, and the first alpha transaction using Dogecoin (DOGE) was accomplished in November of the last year. In January 2022, the wallet's beta version was launched to tens of millions of users.
The majority of Robinhood customers who were put on a waiting list and had waited 7 months for the announcement appeared to be pleased. Nonetheless, several users have pointed out that the platform's wallet would not enable Ethereum-based products such as non-fungible tokens and ERC-20 tokens.
The site acknowledged the absence of compatibility for the Ethereum chain, stating on its Faq that any NFTs or prohibited tokens sent to an Ethereum account on Robinhood may be destroyed.
From the 3rd quarter of 2021 to the 4th quarter of last year, Robinhood recorded a 6% reduction in money transfer income from cryptocurrencies. The Nasdaq share price of Robinhood (HOOD) also has fallen since the company went public in July 2021. The innovative wallet option should entice more users to the site and increase the company's cryptocurrency income.
