Financial services company Robinhood Markets has opened its crypto wallet to 2 million qualified customers with plans for bitcoin Lightning Network integration.
The firm’s Chief Product Officer, Aparna Chennapragada, says the firm has opened some of its wallet beta testers which supported bitcoin, ether, DOGE in Robinhood walled garden.
Chennapragada adds that the financial service company will integrate bitcoin transactions on the Lightning Network, citing the token as the most purchased asset on the Robinhood app.
Users will not incur any charges for transferring cryptocurrencies into wallets but only estimated gas fees will apply instead of withdrawal charge.
The announcement notes that a $5,000 daily maximum limit on outbound transfers and newly purchased crypto will remain until the transaction settles.
Robinhood’s digital asset wallets are available as self-custody and corporate wallets, which control users’ private keys. The company said that about 10 million Robinhood users exchanged tokens last year.
The firm’s CEO, Vlad Tenev, commented that wallets are essential in linking customers to the blockchain space and that investment towards a yield earning feature was underway.