Robinhood has now expanded access to its cryptocurrency wallet to every eligible person on the WenWallets waitlist of more than two million people.
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The company announced in a blog post that all users who have previously signed up for the waitlist will now be able to send and receive any of the cryptocurrencies available on Robinhood. However, due to local regulations, the new feature is not yet available in all US states, excluding users from Hawaii and New York.
"With Wallets, customers will have full access to their crypto, and can use it to participate in the crypto ecosystem—by tipping on social media, paying for NFTs and more," the company added.
As per Robinhood, the current version of the crypto wallet supports the following options:
- QR scan.
- Enhanced security and fraud protection mechanisms.
- Network and gas fees will be applied on top of all requested transfers.
- Monitor transfer activity from within the settings of the Robinhood app.
- Displaying the value of cryptocurrencies in US dollars, before sending it
What is more is that Robinhood is also working on support for Lightning Network to make bitcoin transfers cheaper in the near future. Robinhood says network fees will vary based on demand in the Bitcoin network. The fintech giant first launched the beta version of the wallet in January this year. The company expects that users will help it to validate the core functionality of the app and provide feedback to create the final version of the product.
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