Earlier this month, the US online trading platform Robinhood provided crypto wallets to approximately 2 million customers on its waitlist, and this week completed the full roll-out of this functionality to all clients, the company said on the occasion of the release of its first-quarter 2022 results.
“With the rollout of some of our most requested features and capabilities this quarter, our product development engine gained velocity,” said Vlad Tenev, CEO and Co-Founder of Robinhood.
“With the introduction of the Robinhood Cash Card, the release of crypto wallets to all customers, the addition of new coins to our platform, and our agreement to acquire Ziglu Limited, we’ve made huge strides against our roadmap.”
The platform has been working hard in recent months to entice crypto users with a variety of functionalities. Robinhood is currently working to integrate its operations with the Bitcoin (BTC) Lightning Network, a second-layer solution that allows crypto transactions to be settled quickly without the need for block confirmations.
Robinhood’s crypto customers will benefit from the company’s upcoming “integration with the Lightning Network, which will power near-instantaneous Bitcoin transfers globally, with transaction fees of less than a penny,” according to the company.
According to the company, once fully integrated, this tech is to allow Robinhood to accelerate its “ability to serve Bitcoin remittances on a global scale – at virtually no cost – and will be important for international expansion.”
During the quarterly earnings conference call, Tenev admitted that, while his company does not have specific updates on the timing of the integration at this time, more information will be released in the coming months.
According to its CEO, Robinhood believes “that wallet share and assets under custody are correlated with deepening our relationships with customers and kind of the long-term health of the business and some of the things that we’re doing there.”
Tenev also stated that Robinhood does not see wallets as a revenue generator, but rather as a way for “our customers to engage in the broader ecosystem” that the platform runs.
To read our blog on “Robinhood Markets has agreed to buy the cryptocurrency app Ziglu” click here.