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Robinhood Finishes Rollout of Crypto Wallets

The company also plans to integrate Bitcoin's Lightning Network.

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Eligible Robinhood users now have access to the company's crypto wallets.
Getty

Robinhood says it's rolled out crypto wallets to all of the eligible users on its waitlist of more than 2 million people.

Aparna Chennapragada, the company's chief product officer, made the announcement Thursday at the Bitcoin conference in Miami, Florida. The financial services company started offering up the wallets to beta testers back in January. Users in Hawaii, New York and Nevada remain ineligible for the wallets due to state regulations.

Robinhood also said it will be adding the ability to transact on bitcoin's Lightning Network, which it says will speed up and lower the costs of transactions. It didn't give a time frame, but said it will share more details "over the coming months."

With the wallets, participating customers can now move cryptocurrencies like bitcoinether and litecoin between Robinhood and external crypto wallets. There's a daily limit of $2,999 in total withdrawals and 10 transactions. Users also need to enable two-factor authentication.

Robinhood's financial app, which includes commission-free stock trading, also offers cash management accounts and previously has supported some cryptocurrency trading. The company has been mired in controversy, attracting the scrutiny of state regulators and academics for "gamifying investing" and for its role in last year's GameStop trading fiasco.