Robinhood Markets, a financial services company that appeals to retail investors and popularized the commission-free stock commerce model, started dipping its toe into crypto in 2018.
Their subsidiary, Robinhood Crypto, launched a crypto wallet in May. It will allow customers to buy, sell and transfer cryptocurrencies. They have also begun testing a bitcoin withdrawal feature.
Robinhood has been a long-time favorite of crypto investors. It started introducing crypto trading services in 2018, and the platform has expanded its offering to include new cryptocurrencies today, including Shiba Inu (SHIB-USD), Solana (SOL-USD), Polygon (MATIC-USD) and Compound (COMP-USD).
Earlier this month, the company launched a feature that lets you buy digital coins on a recurring basis commission-free and with as little as $1. It also said it would stop charging commissions to transfer crypto from its platform to another wallet.
The firm also rolled out a standalone cryptocurrency wallet that pays blockchain network transaction fees without holding customer assets in custody. This is a step that many veteran crypto traders have been asking for.
This wallet will allow users to access their cryptos, tip on social media, pay for non-fungible tokens and more, the company said in a blog post. It will also give customers the option to buy and sell crypto on the Bitcoin Lightning Network, an open-source layer-2 protocol that speeds transactions and cuts carbon footprints.
While the wallet is still in beta, the firm has a waiting list of 1.6 million users. It plans to expand the program to two million by the end of 2022, Chief Product Officer Aparna Chennapragada tweeted on Monday.
In an attempt to better understand the broader world of crypto, the brokerage is also launching a wallet that allows its users to deposit and withdraw cryptocurrencies. The service will work with several different blockchains, and it will also support exchanges and decentralized apps.
Also Read: How to Transfer Crypto from Robinhood to a Rainbow Wallet
Cryptocurrency trading is one of the hottest growth areas for Robinhood, and it’s one that is attracting big investors. The platform reported a 304% jump in cryptocurrency revenue in the fourth quarter of 2021, to $48 million.
Previously, users of Robinhood could buy and sell Bitcoin and Dogecoin within the app, but they were unable to transfer those coins outside the company’s platforms. Now, the platform is taking a major step forward by offering a crypto wallet that lets users send and receive crypto tokens on its platform.
The crypto trading platform has been working on the wallet for some time, and recently rolled out the beta version to 1,000 users. The announcement was met with a lot of hype from the crypto community, as many crypto users had been waiting for this functionality to be implemented on the platform.
But it’s important to note that there are a few restrictions on how and where you can store your crypto. This is to protect beginner investors from falling for scams and sending away their crypto assets.
As such, you should only store your crypto on the platform if you plan on selling it later on. The platform will also only allow you to sell a certain amount of your crypto per day.
Now that you can use the robinhood crypto wallet to send and receive crypto on their platform, it’s time to learn how to actually sell your cryptocurrency. Fortunately, you can do so from within the platform without much trouble.
You’ll want to make sure you have sufficient access to a computer with internet access so you can log in and transfer the crypto from your robinhood account. This way, you can sell your crypto safely and securely.
Do go for: How to Sell Crypto on Robinhood
If you have crypto in your robinhood account and want to transfer it to another platform, there are several things you will need to do. First, you will need to verify your identity and add two-factor authentication to your account. This will help ensure that only you can send or receive your assets. You can also contact support to report any issues with your crypto wallet and have them fixed.
After launching its cryptocurrency wallet last year, Robinhood has expanded its crypto offerings to include more assets and networks. Recently, it added Uniswap’s USDC (UNI) and will soon integrate Bitcoin’s Lightning network.
In September, the company released a beta app for its crypto wallet, which enables users to buy and sell cryptocurrencies without paying network fees. The app currently supports the Ethereum and Polygon blockchains.
Since then, the platform has been a center of criticism from crypto traders for not allowing customers to withdraw their purchased coins to self-custody wallets.
However, a recent tweet from the company announced that it is now letting all its users transfer bitcoin and other cryptos out of their accounts.
The retail trading app has been testing a crypto withdrawal feature for over 2 months, allowing its users to withdraw their cryptos directly from the company’s wallet. In that time, 1.6 million people have signed up on a waitlist to gain access to the functionality.
This new announcement from robinhood is a huge step forward for the retail investing platform. It is a sign that they are truly taking note of the retail investor interest in crypto.
The popular crypto-focused trading platform Robinhood is now testing the ability to withdraw cryptocurrencies from its app. It is still in a beta version but this is a huge step for the company and will finally allow users to move their crypto assets from robinhood into other wallets.
The monetary services company appeals in the main to retail investors and popularized the commission-free stock commerce model, but has only recently started dipping its toe into the world of cryptocurrencies. In early 2018, Robinhood Crypto started allowing users to trade Bitcoin and Ethereum, though it offered limited features at first.
A number of users in the community criticized the platform for its lack of crypto wallets, which allow users to store their own cryptocurrency keys and carry out transactions with them. Nevertheless, the company is now expanding its crypto wallet program to 10,000 customers by March 2022.
In September, the firm started testing a wallet feature that will allow users to send crypto from robinhood to other accounts. Its chief product officer Aparna Chennapragada said that the Wallets will also be integrating the Bitcoin Lightning Network, which allows bitcoin users to send and receive bitcoin in seconds for pennies instead of dollars.
While the Wallets are not currently available to customers in Hawaii, New York and Nevada, they will be added later this month. The Wallets will also include QR scanning, an improved transaction history interface and block explorer support.
This will allow users to connect to broader blockchain ecosystems and to use NFT marketplaces and DeFi apps on the platform. It also allows users to pay blockchain network transaction fees without holding customer funds in custody, a move that many veteran crypto traders prefer.