Robinhood is known in the fintech industry as a groundbreaking mobile application developer that introduced online stock trading options for the masses. With the immense success of the application, it quickly became one of the industry leaders and did not take much time to integrate cryptocurrency trading options on its platform. The financial services application has recently introduced cryptocurrency investment options with the help of LN.
The Lightning Network is a layer-2 smart contracts solution on the Bitcoin mainframe. Robinhood management made a point for the LN integration by claiming that it is a faster method of conducting Bitcoin payments. The users who are on the waiting list for the beta version of the application can start sending and receiving cryptocurrencies with its crypto wallet option.
More Fintech Organizations have Started to Work with the Lighting Network
Robinhood is just another fintech organization to join the LN this year. The trend has been emerging among other noteworthy financial services providers as well.
Cryptocurrency exchange platform Kraken also joined LN recently. Furthermore, the popular social media platform Twitter is also dependent on LN for getting digital payments through Strike.
Six months ago, Robinhood developers were working on a new digital currency wallet to allow users crypto custodial and trading options. The waiting list for the beta version of the Robinhood that is planning to make the digital wallet feature public reached 2 million people before it was finally launched in January this year.
Robinhood’s website shares some important features that are unique to its new crypto custodial services. The website cites that Robinhood digital wallet users do not get any private keys, and the corporate wallet of the company is responsible for securing all consumer reserves. The website also claimed that the users who wish to practice greater autonomy could have other features.
The users also have the option to link their Robinhood crypto beta wallet with other software like Ledger, Trezor, and MetaMask, among others. Vlad Tenev, the CEO of Robinhood, recently told the media that the cryptocurrency custodial services are only the beginning of a long journey, and the online stock trading company has big plans for crypto-related innovations.