Bitcoin

Robinhood Announces Bitcoin As The Most Traded Asset On The Platform In 2022

Stock trading platform Robinhood has opened its crypto wallet up for two million more “eligible” users, Chief Product Officer Aparna Chennapragada said during an announcement at the Bitcoin 2022 event in Miami. 

Bitcoin As The Most Traded Asset On The Platform In 2022

The wallet, first revealed in September and beta tested for 1,000 users in January, will allow users to move cryptocurrencies in and out of Robinhood’s ecosystem. Previously, traders could only buy and sell cryptoassets within the app, and transfers off the platform were restricted.

The wallet allows Robinhood traders to gain access to the broader blockchain ecosystem but will not allow for the integration of Ethereum-based services or support NFTs (non-fungible tokens). 

“A​​ny NFTs sent to a Robinhood Ethereum address may be lost and unrecoverable,” the trading platform’s website said. 

The expanded wallet services come as Robinhood customers continue to show interest in cryptocurrencies

Robinhood Announces Bitcoin As The Most Traded Asset On The Platform In 2022

Nearly 10 million Robinhood users traded cryptocurrencies in 2021, and bitcoin is the top recurring buy asset on the trading platform so far in 2022, Chennapragada said during the announcement.

More recent figures however show a drop off from Robhinhood’s early success with cryptocurrency trading. In the fourth quarter of 2021, the app brought in about $48 million in transaction-based revenue associated with digital assets, a decrease from the $51 million and $233 million brought in during the third and second quarters, respectively.

Robinhood executives said in January that the beta testing phase would be used to perfect the wallet, specifically in terms of finalizing the send and receive flows, adding QR functionality, improving the transaction history interface and adding block explorer support.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

27 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.