An American company providing financial services for commission-free trading in stocks and exchange-traded funds has launched its own cryptocurrency wallet for users. The first to open it were two million people who applied. About it told Robinhood Product Director Aparna Chennapragada during the Bitcoin 2022 conference. Now users will be able to deposit and send cryptocurrency from a branded wallet.

The service is available for the US, but users in the states of Hawaii, Nevada and New York will not be able to access wallets due to local restrictions. Chennapragada also promised integration with the Bitcoin Lightning Network, although he did not give a specific date.

Wallet testing began in the third quarter of 2021, and the first 1000 users connected in January 2022.

Chennapragada added that the company “will play a very active role in the cryptocurrency and its formation.” But these wallets are not designed to buy cryptocurrencies for cash.

Robinhood is betting on crypto gifts, where users can send crypto to others. The company has also partnered with Chainalysis to meet blockchain standards.

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Crypto enthusiasts reacted positively to the launch of such a service, although earlier there were concerns after the GameStop incident. However, the post-IPO decline in Robinhood stock prices continues and is now only slightly above all-time lows. The company has been in the spotlight due to many negative press reports, including on safety. But new wallets could have a positive impact on Robinhood’s image.

Elon Musk tagged #bitcoin, which led the Twitter trends – the rate of the cryptocurrency shot up sharply (+ update on the conflict between WallStreetBets and Robinhood)

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