Popular retail brokerage platform Robinhood Markets Inc HOOD has rolled out its cryptocurrency pockets to just about two million customers.
What Happened: In an announcement on the Bitcoin 2022 Conference in Miami on Thursday, Robinhood Chief Product Officer Aparna Chennapragada stated that every one the individuals on the WenWallets waitlist now had entry to its digital pockets.
Due to native rules, the cryptocurrency pockets is not going to be out there to customers in Hawaii, Nevada, or New York.
This means prospects have full entry to their crypto to make use of it how they like —tipping on social media, paying for NFTs and extra… with zero commission-fees 👀�
— Aparna Chennapragada (@aparnacd) April 7, 2022
Chennapragada additionally stated that the corporate was working in direction of integrating the Bitcoin Lightning Network in order that prospects can ship and obtain BTC in seconds “for pennies instead of dollars.”
The pockets rollout implies that prospects will lastly be capable to transfer their Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD off Robinhood to self-custody or to spend elsewhere.
See Also: Mark Cuban Calls Robinhood’s Dogecoin Withdrawal Policy ‘Greatest Inhibitor To Growth’
I had been screaming that #Robinhood pockets will are available April adopted by #Shib itemizing – the first step is completed @DelCrxpto pic.twitter.com/0zqeUKDUWw
— Krypto Wolf (#BURNLY #BURNSQUAD) (@krypto__wolf) April 6, 2022
The pockets, nonetheless, is considerably restricted when it comes to performance. It doesn’t assist ERC-20 tokens or Ethereum-based NFTs.
Some widespread ERC-20 tokens embody Shiba Inu, Uniswap, and Decentraland.
“Any unsupported coins sent to your Robinhood account may be lost and the transactions are irreversible,” learn the FAQ web page.
“This includes ERC-20 tokens sent to a Robinhood Ethereum address.”
Outbound crypto transfers have additionally been capped at $5,000 per day with a every day complete of 10 transfers.
The pockets additionally doesn’t assist airdrop tokens, forked cash, or preliminary coin providing (ICO) tokens.
Price Action: According to knowledge from Benzinga Pro, Bitcoin was buying and selling at $43,611, up 0.63% within the final 24 hours.
Robinhood shares closed 3.52% decrease on Thursday at a value of $12.07.
Photo: Courtesy of Robinhood