Popular retail brokerage platform Robinhood Markets Inc HOOD has rolled out its cryptocurrency wallet to nearly two million users.
What Happened: In an announcement at the Bitcoin 2022 Conference in Miami on Thursday, Robinhood Chief Product Officer Aparna Chennapragada said that all the people on the WenWallets waitlist now had access to its digital wallet.
Due to local regulations, the cryptocurrency wallet will not be available to users in Hawaii, Nevada, or New York.
This means customers have full access to their crypto to use it how they like —tipping on social media, paying for NFTs and more… with zero commission-fees 👀�
— Aparna Chennapragada (@aparnacd) April 7, 2022
Chennapragada also said that the company was working towards integrating the Bitcoin Lightning Network so that customers can send and receive BTC in seconds “for pennies instead of dollars.”
The wallet rollout means that customers will finally be able to move their Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD off Robinhood to self-custody or to spend elsewhere.
— Krypto Wolf (#BURNLY #BURNSQUAD) (@krypto__wolf) April 6, 2022
The wallet, however, is somewhat limited in terms of functionality. It does not support ERC-20 tokens or Ethereum-based NFTs.
Some popular ERC-20 tokens include Shiba Inu, Uniswap, and Decentraland.
“Any unsupported coins sent to your Robinhood account may be lost and the transactions are irreversible,” read the FAQ page.
“This includes ERC-20 tokens sent to a Robinhood Ethereum address.”
Outbound crypto transfers have also been capped at $5,000 per day with a daily total of 10 transfers.
The wallet also doesn’t support airdrop tokens, forked coins, or initial coin offering (ICO) tokens.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $43,611, up 0.63% in the last 24 hours.
Robinhood shares closed 3.52% lower on Thursday at a price of $12.07.
Photo: Courtesy of Robinhood