Robinhood Opens Crypto Wallets to 2M Clients, Bets on Global Bitcoin Remittances

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Earlier this month, the US online trading platform Robinhood provided about 2m customers from its waitlist with crypto wallets, 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 results for the first quarter of 2022.

“This quarter saw our product development engine gain velocity with the rollout of some of our most requested features and capabilities,” said Vlad Tenev, CEO and Co-Founder of Robinhood, adding: 

“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.”

Over the past months, the platform has been making efforts to lure crypto users with a variety of functionalities. Robinhood is currently working to integrate its activities with the Bitcoin (BTC) Lightning Network, a second-layer solution that allows rapid settlement of crypto transactions without waiting for block confirmations.

The company says its crypto customers will benefit from Robinhood’s forthcoming “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, 

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 earnings conference call on the quarterly results, Tenev admitted that, while his company does not have specific updates on the integration’s timing at this point, more information would be released in the coming months.

Robinhood considers “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,” according to its CEO.

Tenev also claimed that Robinhood does not view wallets as a revenue driver, but as a way for “our customers to engage in the broader ecosystem” run by the platform.

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