Robinhood exchange unveils crypto wallet to over 2 million users

Robinhood, a day trading cryptocurrency exchange platform that has increasingly become popular for day trading has announced the launch of a cryptocurrency wallet. Robinhood announced the launch of this wallet during the Bitcoin 2022 Conference saying that the wallet was now available to more than 2 million users on the WenWallet waitlist.

Robinhood releases crypto wallet

In an official release, Robinhood said that the newly launched crypto wallet would accommodate all the cryptocurrencies traded on the exchange. The exchange said that the wallet will make crypto trading easier for users.

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“Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning Network,” Tenev added. The integration of the Lightning Network will lower transaction costs on the platform.

The press release also indicated some unique features that would be integrated. These features include scanning the QR code and having a two-factor authentication process to boost security. Users can also access a dashboard that will monitor transactions and highlight the estimated value of the transactions.

Robinhood launched a beta testing phase for the Robinhood wallet in January. Before the launch of this wallet, Robinhood launched Robinhood Cash Card to allow investment into crypto and stocks.

Growing crypto adoption

The Bitcoin 2022 Conference has seen several companies announce the launch of strategic crypto features. Strike announced a partnership with Shopify to facilitate Bitcoin payments for merchants on the platform through the Lightning Network.

BitPay and CashApp announced they would launch new features to support the integration of the Lightning Network. Lightning Labs, which is behind the development of the Lightning Network, has also announced plans to create a new protocol dubbed Taro to facilitate the use of stablecoins on the Bitcoin network.

Despite the bullish nature of this conference, the price of Bitcoin (BTC/USD) and other cryptocurrencies has failed to register any notable gains. Bitcoin has dipped to around $43,000, and it is currently consolidating at these levels. The top ten cryptocurrencies by market cap have also registered a slight dip.