The Miami Bitcoin Conference, which made a sound last year, started this year at full throttle and is coming one after another. It has been announced that the two autonomous governments will accept Bitcoin as legal currency. In the evening, Robinhood gave the good news that it will expand user access for crypto wallet transfers.
Eligible Robinhood customers can now send and receive crypto, the company announced Thursday at its Bitcoin 2022 conference in Miami. Robinhood will also integrate the Lightning network for Bitcoin transactions in the coming months.
Robinhood's access to the much-anticipated crypto wallet transfer functionality was opened to a select group of users back in September. In December, the company signed a deal with blockchain analytics firm Chainalysis to prepare for the broader rollout of the proposal.
Robinhood said in a press release that "every eligible person on the WenWallet waiting list of more than two million people" has now been granted wallet transfer capabilities. The company added that it will not be able to offer this service to customers located in Hawaii, New York and Nevada.
In keeping with the theme of its announcement at the Bitcoin-based conference in Miami, Robinhood also announced a feature on the horizon. The brokerage app will support the Lightning network focused on smaller Bitcoin transactions.
"In the near future we will have the ability to transact on the Bitcoin Lightning Network, an open-source layer2 for Bitcoin transactions. We may have more good news in the future."
Robinhood is expected to develop more crypto functions. The firm experienced a decline in revenue based on crypto transactions in the fourth quarter of 2021. Yet during a presentation on Thursday, chief product officer Aparna Chennapragada stated that Bitcoin is this year's most repeated purchase on the Robinhood app.
The good news that the Shiba army was eagerly waiting for did not come. Robinhood did not share any updates about the Shiba Inu (SHIB) at the Bitcoin conference. In the previous statements, the green light was not given to the listing.