Robinhood Rolls Out Crypto Wallets To 2Million Waitlisted Users

Cryptocurrency and stock trading app Robinhood will roll out its digital wallet feature for 2 million additional users.

In an announcement at the Bitcoin 2022 Conference in Miami, Robinhood chief product officer Aparna Chennapragada said eligible customers who had been on the waitlist for the digital wallet — more than two million people — can now send and receive cryptocurrencies.

In addition, the platform is planning to integrate the Bitcoin Lightning Network to reduce the time and cost of transactions as well as their carbon footprint.

According to Robinhood, the crypto wallets will not be available to users in Hawaii, Nevada or New York “due to local regulations.”

The reaction from many Robinhood users on social media after a seven-month wait seemed to be mostly positive, though some pointed out that

The wallet will not support Ethereum (ETH)-based services like nonfungible tokens and ERC-20 tokens.

According to the firm’s FAQ page, any NFTs or unsupported tokens sent to a Robinhood Ethereum address may be lost.

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