2 years ago
MIAMI — Robinhood Markets (HOOD) said Thursday it has activated its crypto wallet for 2 cardinal “eligible” customers.
Chief Product Officer Aparna Chennapragada said, making integer plus transfers broadly imaginable successful the long-firewalled investments app made the announcement connected signifier astatine the Bitcoin 2022 league successful Miami.
Only a fistful of wallet beta testers could determination bitcoin (BTC), ether (ETH), dogecoin (DOGE) and a fistful of different traded coins successful and retired of Robinhood’s walled plot before. Now, each waitlisted customers extracurricular of regulatory no-go zones Nevada, New York and Hawaii tin bash so.
Additionally, she said Robinhood volition adhd enactment for bitcoin transactions connected the Lightning Network, the speedy, low-cost colony furniture for Bitcoin.
“For the larger assemblage this is simply a fantastic way” to entree bitcoin cheaply and successful a greenish way, she said.
Nearly 10 cardinal Robinhood users swapped coins aboriginal past twelvemonth successful 1 motion of the app’s crypto appeal, the institution has said. Robinhood’s astir three-year-old crypto trading functionally has produced an detonation of revenue, past 4th generating $48 cardinal for the publically traded firm.
“Wallets are conscionable the archetypal measurement we’re taking to link our customers to the broader crypto ecosystem,” CEO Vlad Tenev said successful a property statement.
Still, Robinhood’s multi-asset wallet falls abbreviated of existent functionality. It cannot plug into Ethereum-based services arsenic MetaMask does. It cannot judge ERC-20 tokens, non-fungible tokens (NFTs) oregon immoderate plus extracurricular of Robinhood’s trading list. Tokens generated by airdrops and forks won’t work, either.
“Any NFTs sent to a Robinhood Ethereum code whitethorn beryllium mislaid and unrecoverable,” the FAQ leafage said.
Staking besides appears to beryllium off-limits for now. Tenev has antecedently acknowledged customers’ tendency for the yield-earning diagnostic and said during past quarter’s net telephone that Robinhood was investing successful the indispensable tech. A staking work would person to beryllium “compliant,” helium said.
Users won’t beryllium charged for moving their Robinhood-based crypto into wallets that person specified abilities. The institution said it volition use estimated state fees but not withdrawal fees to requested outbound transfers.
There’s a $5,000 regular headdress connected outbound transfers and newly-acquired crypto stays enactment until the transaction settles, the web leafage said. Further, users indispensable acquisition an individuality cheque and alteration two-factor authentication to entree the wallet.
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Danny is CoinDesk's lawman concern editor. He owns BTC, ETH and SOL.
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