September 29, 2022

Robinhood Expands Crypto Wallet Testing and Announces Lightning Network Support


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Online broker Robinhood expands access to cryptocurrency wallet beta testing and announces Lightning Network integration plans ‘in the coming months’

Each of the almost 2 million users on the waiting list will be able to test the functionality of the wallet. All cryptocurrencies presented on the platform are available for transactions.

The service will not be available to residents of the states of New York, Nevada and Hawaii.

Robinhood CTO Aparna Chennapragada revealed the possibilities of a crypto wallet in a blog post:

QR codes for sending digital assets;
improved security and fraud protection mechanisms, including mandatory 2FA and address authentication;
view the cost of cryptocurrency in dollars before sending it;
the ability to track the status of the translation.
Network fees will be charged on top of the online broker’s fee.

Chennapragada promised to reveal more details as functionality expands.

Robinhood announced the beta test of the wallet in September 2021 and its launch for all users during 2022.

By the end of October, over 1 million users had applied to the waiting list. In December, the online broker partnered with Chainalysis for regulatory compliance. In January, thousands of selected customers began beta testing the wallet.

Earlier, the CEO of the company, Vlad Tenev, called cryptocurrencies the basis for the future development of Robinhood.

Recall that in March, the online broker announced the replacement of debit cards with new Cash Cards with the possibility of receiving cashback in digital assets.

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