• Robinhood Announces Bitcoin (BTC) Lightning Network Integration Amid the Distribution of 2,000,000 Crypto Wallets

  • Robinhood, a popular retail trading platform, has announced that it would use Bitcoin’s Lightning Network in its distribution of over two million crypto wallets.

    In a blog post, Robinhood backs up chief product officer Aparna Chennapragada’s declaration at the Miami Bitcoin conference that the platform will allow customers to send and receive any of its accessible cryptocurrencies via its new Wallets service.

    “With Wallets, clients will have complete access to their crypto and will be able to utilize it to participate in the crypto ecosystem, such as tipping on social media, paying for NFTs [non-fungible tokens], and more.” Unlike some other crypto platforms, Robinhood does not charge a fee to withdraw cryptocurrency.”

    According to the statement, the service will include features such as the ability to scan QR codes to send funds, check the projected dollar worth of a transfer, and monitor transfer activities from within the Robinhood app’s settings to obtain the most up-to-date information and updates.

    Robinhood will support Blockstream’s Lightning Network, the dominant Bitcoin sidechain, allowing cheaper and faster Bitcoin (BTC) transactions.

    “Because these transactions take place ‘off-chain,’ Lightning network transactions take seconds rather than minutes and cost pennies rather than dollars, saving clients time and money.” The Bitcoin network’s network costs will vary according on demand.

    Furthermore, because Bitcoin miners are not required to validate the transaction, Lightning Network Bitcoin transfers lower the transaction’s carbon impact.”

    The company stated that it will provide additional information about the service in the following months.

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