Robinhood opens crypto wallet service for 2 million other users

Robinhood opens crypto wallet service for 2 million other users

The RobinHood stock trading platform has opened its crypto money exchange for two million other "justified" users, said Chief Product Officer APARNA Chennapada during an announcement at the 2022 event in Miami.

The wallet, which was first presented in September and tested in January for 1,000 users in the beta test phase, will enable users to move cryptocurrencies into and from the Robinhood ecosystem. Before that, retailers could only buy and sell crypto-assets within the app, and transfers from the platform were limited.

The wallet enables Robinhood retailers access to the wider blockchain ecosystem, but does not allow the integration of Ethereum-based services or supports NFTS (not fungible tokens).

"All NFTS that are sent to an address of Robinhood Ethereum can be lost and not restored," according to the trading platform website .

The extended wallet services come because Robinhood customers continue to show interest in cryptocurrencies. Almost 10 million Robinhood users acted with cryptocurrencies in 2021, and Bitcoin is the most important recurring purchase object on the trading platform in 2022, said Chennapada during the announcement.

recent numbers show a decline in Robhinhood's early success in trading cryptocurrencies. In the fourth quarter of 2021, the app brought around $ 48 million of transaction-based income in connection with digital assets, a decline compared to the $ 51 million or $ 233 million in the third or second quarter.

Robinhood executives said in January that the beta test phase would be used to perfect the wallet, especially with regard to the completion of the transmission and reception processes, adding QR functions, improving the transaction course and adding block-explorer support.

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The article Robinhood opens crypto wallet service for 2 million other users is not a financial advice.