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

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.