Robinhood Announces Launch Of Highly Anticipated Crypto Wallet

Multi-asset trading platform, Robinhood, has finally ended the wait for its crypto wallet feature. Robinhood announced during the Bitcoin 2022 Conference that the wallet is now open to over 2 million users who joined the WenWallet waitlist. 

Robinhood gives users full access to their crypto

In a follow-up official release, Robinhood detailed that the wallet enables sending out and receiving all cryptocurrencies traded on the exchange. The goal of developing the feature is to make crypto investment as easy as possible, Vlad Tenev, CEO and co-founder of the platform said.

The release also highlighted features that would make using the wallet easy and intuitive. These include a QR code scanning feature, mandatory two-factor authentication (2FA) for optimum security, network fee estimation, and a dashboard to monitor transactions and see the estimated dollar value of transactions.

Tenev also disclosed that Robinhood is working on integrating the Bitcoin Lightning Network. The popular Bitcoin Layer 2 scaling solution will greatly reduce Bitcoin transaction costs on the commission-free trading platform. 

 Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network, said Tenev. 

Meanwhile, the wallet feature first went into testing for 1000 users in January under the exchanges Crypto Wallet Beta Program. However, the current update is not available for users in Hawaii, Nevada, and New York due to local regulations.

Before now, the exchange also introduced its Robinhood Cash Card which automatically invests in crypto or stocks as users spend with it. The platform push for crypto adoption has been paying dividends. Tenev revealed that Bitcoin is the number-one recurring buy asset for 2022.

More platforms have been working on crypto integrations

Robinhood has not been the only company to announce a significant crypto integration feature this week. At the Bitcoin 2022 conference, Jack Maller’s Strike announced strategic partnerships with e-commerce giant Shopify, the world’s largest point-of-sale supplier NCR, and payments firm Blackhawk.

Similarly, BitPay and CashApp announced new Lightning features. While Lightning Labs, the developers of the Lightning Network unveiled a new protocol called Taro that will allow stablecoins to be issued on the Bitcoin L2.

Despite all the bullish events this week, the crypto market has dipped slightly. Bitcoin, the benchmark crypto, is down 0.23% in the last 24 hours, trading at around $43,400. The current price is a 4.78% drawdown from a week ago.

A cross-section of the top ten cryptocurrencies by market cap is also down in the weekly timeframe per data from CoinMarketCap.