Robinhood Unveils Plans to Support Lightning Payments for two Million Users
Categories: US
Robinhood Unveils Plans to Support Lightning Payments for 2 Million Users
Robinhood chief product officer Aparna Chennapragada announced that customers who have been waitlisted for the digital wallet can now send and receive cryptocurrencies. The wallet will not, however, support Ethereum-based services such as NFTs and ERC-20 tokens.
Lightning Strikes Again
The platform is also planning to integrate the Bitcoin Lightning Network to reduce the time and cost of transactions, along with their carbon footprint. It’s another win for the Lightning Network, which has grown parabolic with an additional US$70 million raised to bring stablecoins to the network earlier this month.
The wallet will not be available to users in the US states of Hawaii, Nevada and New York “due to local regulations”. Robinhood has been testing its crypto wallet feature since September 2021, completing its first alpha transfer in November and launching a beta version for tens of thousands of users in January 2022.The reaction from the Robinhood community has been mostly positive, though according to the firm’s FAQ, any NFTs or unsupported tokens sent to a Robinhood Ethereum address will be lost and .
Robinhood is a popular financial services company that offers commission-free trading of stocks, options, and cryptocurrencies through a portable application. Lightning installments, then again, are a sort of Bitcoin exchange that considers close moment and minimal expense moves of assets on the Bitcoin organization and Robinhood Unveils Plans to Support Lightning Payments.
Expecting the news is valid, Robinhood's help for lightning installments would give its clients a quick and proficient method for executing with Bitcoin and Robinhood Unveils Plans to Support Lightning Payments. This move would likewise line up with Robinhood's main goal to make money management open and simple for everybody. Nonetheless, it's quite important that lightning installments are as yet a generally new and trial innovation, and there are still a few dangers and difficulties related with utilizing them.
It's essential to remember that plans can change and news can once in a while be mistaken or obsolete, so it's consistently smart to twofold check any data you run over.
Lightning Installments is an innovation intended to work with quick and modest bitcoin exchanges and Robinhood Unveils Plans to Support Lightning Payments. It utilizes an off-tie organization to handle exchanges, lessening the requirement for on-chain affirmation and bringing down the exchange charges. This innovation has acquired prevalence as an answer for the versatility issues looked by the bitcoin network.
Robinhood is a famous exchanging stage that permits clients to put resources into different monetary instruments like stocks, cryptographic forms of money, and Robinhood Unveils Plans to Support Lightning Payments ,trade exchanged reserves (ETFs). In 2021, Robinhood reported that it would permit its clients to move digital forms of money all through its foundation, including bitcoin, ethereum, and other upheld cryptographic forms of money.
Be that as it may, as of my insight cutoff of 2021-09, there was no fresh insight about Robinhood supporting Lightning Installments. On the off chance that such a declaration were made, it would probably be a critical improvement for the reception of Lightning Installments and the utilization of digital currencies overall.