Robinhood Releases Digital Wallets to 2 Million Users, Plans to Integrate Lightning

Robinhood, a cryptocurrency trading platform, announced that it has released two million wallets to the app’s users. This announcement comes while a top executive from the company, Aparna Chennapragada, addressed attendees at the ongoing Bitcoin 2022 conference in the US.

According to Aparna Chennapragada, the new development means that users would now have the opportunity to send and receive settlements in virtual currencies via the app. 

However, residents in three US states won’t be able to freely trade in cryptocurrencies, based on binding local laws on using virtual assets. The states include Nevada, New York, and Hawaii.

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Asides the freedom to make and receive settlements in cryptocurrencies, Robinhood also plans to integrate the BTC Lightning Network. The date of the integration is not yet known, as the company’s representative at the Bitcoin 2022 conference didn’t proffer a particular date.

Not the First Time

Robinhood had released a digital wallet to one thousand account holders on its platform earlier this year. An alpha derivative of the platform was piloted in September last year. Then in January, tens of thousands of account holders began trading digital assets through the app’s beta version. 

Since the latest announcement went public on Twitter, many users took to social media to express their delight in the roll-out which many had highly anticipated. According to reports, users who received the wallet had been on the waiting list for about seven months.

However, this latest roll-out marks a momentous step for the trading platform, which has generated positive responses from the cryptocurrency world.

At the moment, the platform won’t be able to receive non-fugitible tokens or other digital collectibles. Some individuals criticize the platform for not supporting ETH-powered collectibles, which they opine would have made the platform more attractive.

Hands remain crossed on whether the latest roll-out by the application would boost its dipping revenue. The company had announced a 6% dip in revenue during the last quarter of 2021. In the meanwhile, expectations are that the e-wallets would help ease businesses and individuals who got them.

Possible Financial Impact of Robinhood’s Digital Wallet

The US-based digital payments platform sees its share price falling constantly since its initial public offering. At the moment, the app’s share price hangs slightly above its lowest price ever. Consequently, the organization has been on the bad side of the news for its failing business conditions and security prospects.

Chances are the company’s recent move could mark a significant turning point in the organization’s economic indices. Chennapragada says her firm intends to contribute to cryptocurrency and help give it shape. 

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However, Robinhood doesn’t plan to realize its goals through purchasing digital assets. The company’s executive divulged that the organization had no plans to purchase digital currencies with fiat money.

Instead, the company is planning to bring in more features on its trading app, such as “cryptocurrency tipping.” The provision would allow account holders to gift other users in digital currencies. 

According to the company’s representative, the digital payments platform is also in partnership with Chainalysis towards meeting relevant compliance standards. The Bitcoin 2022 conference held in Miami, Florida, this week, and ends tomorrow the 9th of April, 2022.