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Robinhood to Implement Lightning Network, Launches Native Wallet

Robinhood to Implement Lightning Network, Launches Native Wallet

The FinTech platform has given 2 million whitelisted users access to its crypto wallet and announced the upcoming adoption of the L2 network.

The 2022 Bitcoin Conference has been a long-anticipated event for crypto enthusiasts this year, with some of the biggest names in the blockchain industry giving their perspectives on the future of digital finance.

Based on the official blog post, the Chief Product Officer at Robinhood Aparna Chennapragada told listeners at the crypto conference in Miami, Florida that more than 2M users who entered the crypto wallet whitelist will now be able to make transactions on Robinhood, with future plans to integrate the Bitcoin Lightning Network.

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While users from New York, Hawaii, and Nevada won’t have access to have Robinhood’s WenWallets yet, whitelisted customers are now eligible to make transactions, purchase NFTs, send tips, and withdraw funds without any extra fees.

Likewise, wallet owners will be able to see the current price of their cryptocurrencies before confirming transactions and take advantage of improved security measures including mandatory 2FA and transaction address validation.

Finally, with the upcoming integration of the Layer 2 payment protocol - the Lightning Network, CEO and Co-founder of Robinhood Vlad Tenev seeks to "bring even lower costs to customers" on the crypto exchange.

Even though the Lightning Network has been regarded as the future solution for eliminating high transaction fees, the two largest crypto exchanges Binance and Coinbase have yet to implement it into their platforms.

Back in February, former CEO of Twitter Jack Dorsey launched the Bitcoin Lightning Network on his mobile finance platform Cash App.


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