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Robinhood expands wallet beta to over 2 million users

 


Major stock and crypto trading platform Robinhood has invited over 2 million new users to use its proprietary wallet.


As Aparna Chennapragada, Robinhood's product lead, announced at this week's Bitcoin 2022 conference event, the crypto wallet's testing phase has now been expanded to more than 2 million users who had signed up for a corresponding waiting list. Through the wallet service, Robinhood users can hold, send and receive cryptocurrencies themselves, whereas previously only buying/selling was possible. In this context, the platform is also planning to integrate the Lightning Network in the future, via which payments in the form of Bitcoin can be processed much faster, cheaper and more energy-efficiently.



According to Robinhood, the wallets are initially not available to American crypto users in New York, Nevada and Hawaii due to “regional regulations”. The wallet service has been tested since September 2021, and in November 2021 the first successful transactions in Dogecoin ( DOGE ) were processed in the alpha version. The service has been in beta since January 2022, but initially, only several thousand users were invited. So the recent expansion represents a significant step forward.


Accordingly, the reactions of Robinhood users after the almost seven-month waiting period were mostly positive. A first major point of criticism, however, is that the wallet does not support services based on Ethereum ( ETH ), such as ERC-20 tokens and non-fungible tokens (NFT). As per the Q&A on the trading platform's official page, NFT and ERC-20 tokens sent to a Robinhood wallet nonetheless could be lost altogether.


In Q4 2021, Robinhood reported $48 million in revenue from crypto transactions, down 6% from $51 million in Q3 2021. Robinhood (HOOD) stock is also currently behind its July 2021 opening price. Down from the previous record high of $70.39 on Aug. 4, the tableau is a measly $12.17 at press time, representing a maximum loss of more than 82% .

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