US-based stock trading app Robinhood is ready to roll out its digital wallet feature to 2 million users. At the Bitcoin Conference in Miami, Florida on Thursday, Robinhood Chief Product Officer Aparna Chennapragada shared that customers who signed up for the WenWallets queue will be able to send and receive any of the cryptocurrencies currently available on Robinhood.
WenWallet is a file crypto wallet It was launched by Robinhood Finance in September 2021. Crypto wallet allows users to store their cryptocurrencies securely. There are currently 16 cryptocurrencies available for trading on the Robinhood app, including Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, Stellar, Monero, etc.
According to Aparna Chennapragada, customers will have full access to use their cryptocurrency for mentorship on social media. Featuring NFT and more. A Robinhood blog post notes that there are no fees for withdrawing cryptocurrency from Robinhood. “Our goal is to make Robinhood the most trusted and easy-to-use crypto platform. We are excited to deliver lower costs to our customers by integrating with the Lightning Network,” said Vlad Tenev, CEO and Co-Founder of Robinhood.
Users will be able to scan QR codes to easily send the crypto to the wallet address. In light of the increase in crypto fraud, the company said its enhanced security and fraud protection mechanisms will include mandatory two-factor authentication (2FA) to help protect customers’ encryption and address validation for authentication. Send to a valid wallet address.
Network and gas fees, which are transaction fees that customers pay for using the blockchain, will apply in addition to all transfers required for convenience (except for all instances submission, in which case they are deducted). In addition, users will be able to check the dollar value of the crypto before sending it.
In an effort to reduce the carbon footprint of crypto transactions, the company is adding Lightning Network Bitcoin transfers. For the inexperienced, Lightning Network Bitcoin transfers reduce the carbon footprint of the transaction, as there is no need for Bitcoin miners to validate any transactions.
“Because these transactions occur ‘off-chain’, Lightning Network transactions occur in seconds for minutes and for pennies against the dollar, saving customers time and money. Network fees will vary based on demand on the Bitcoin network,” the company’s blog post read.
Meanwhile, due to local regulations, crypto wallets are not yet available in Hawaii, Nevada or New York.
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