At the beginning of the month, the American online trading platform robinhood provided around 2 million customers on its waiting list with crypto wallets. The full rollout of this feature to all customers was completed this week, the company said when releasing its first quarter 2022 results.
“This quarter saw our product development engine gain momentum with the launch of some of our most anticipated features and capabilities,” said Vlad Tenev, CEO and co-founder of Robinhood. He added :
“With the introduction of the Robinhood Cash Card, the availability of crypto wallets for all customers, the addition of new assets to our platform and our agreement to acquire Ziglu Limitedwe have made tremendous progress against our roadmap.”
Over the past few months, the platform has made many efforts to attract cryptocurrency users through a variety of features. Robinhood is currently working on integrating its business with the Bitcoin (BTC) Lightning Network, a second-layer solution that enables fast settlement of cryptocurrency transactions without waiting for block confirmations.
The company says its customers will benefit from Robinhood’s upcoming “integration with the Lightning Network, which will enable near-instant bitcoin transfers around the world, with transaction fees of less than a penny.”
According to the company,
Once fully integrated, this technology will enable Robinhood to accelerate its “ability to perform Bitcoin remittances globally – at virtually zero cost – and will be important for international expansion.”
During the quarterly earnings conference call, Tenev admitted that while his company does not have specific information on the timing of the integration at this stage, more information will be released in the coming months.
Robinhood considers market share in terms of wallets and assets on deposit to be correlated with strengthening our customer relationships and the long-term health of the business, says its CEO.
Tenev also claimed that Robinhood does not view wallets as a revenue driver, but as a way for “our customers to engage with the larger ecosystem” managed by the platform.
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