Robinhood has announced it has given all eligible users on its waitlist access to a crypto wallet. That eligible group equates to over 2 million Robinhood customers. The move is big news for those users as it now lets them do more with their crypto.
Before the release of the crypto wallets, those Robinhood customers could buy and sell crypto on the platform, but as The Verge notes, it was difficult for them to actually spend their crypto on things, such as NFTs or making other purchases with their digital assets. What Robinhood’s wallet allows them to do is manage their Robinhood account more like a standard checking account. Not only can they move crypto in and out by buying and selling assets, but they can also spend crypto on actual products.
However, certain Robinhood customers have been left out of the wallet party for now. Robinhood says users in the states of Hawaii, Nevada, and New York won’t get access to a wallet yet due to local regulations.
Other features of Robinhood’s crypto wallets include the ability to scan QR codes to send crypto, mandatory 2FA, and the ability to see the estimated U.S. dollar value of the crypto before you pay with it.
The move did not do much for Robinhood’s stock, which was down almost 5% in pre-market trading on Friday after a downgrade from Goldman Sachs.