Robinhood’s Bitcoin Withdrawal Feature Has 1.6 Million People On Waitlist

Robinhood COO said 1.6 million people are on the company’s waitlist for withdrawing bitcoin.The long-awaited feature would come as a cryptocurrency wallet to the firm’s trading app.It is still unclear when customers will be able to take ownership of their bitcoin.Robinhood now has 1.6 million people on the waitlist for its bitcoin and cryptocurrency wallet,…
  • Robinhood COO said 1.6 million people are on the company’s waitlist for withdrawing bitcoin.
  • The long-awaited feature would come as a cryptocurrency wallet to the firm’s trading app.
  • It is still unclear when customers will be able to take ownership of their bitcoin.

Robinhood now has 1.6 million people on the waitlist for its bitcoin and cryptocurrency wallet, its COO Christine Brown said on Tuesday, per a Reuters report. Among other properties, the wallet, to be added to its app, includes the vital feature of withdrawing bitcoin into a self-sovereign wallet of choice, something the broker currently doesn’t offer in its trading platform.

The way the Robinhood trading app currently works, users buy and sell representations of BTC and any other cryptocurrency instead of the bitcoin itself  effectively an IOU. A customer can only be sure they have bitcoin once they transfer it to a wallet for which they control the private key.

Robinhood opened the waitlist for the withdrawing feature in September after repeatedly hinting that it would enable such features over the past year. Since its launch, the waitlist has gathered much interest, showing customers’ desire to take ownership of their bitcoin.

When evidence of the feature appeared, Robinhood CEO told Bloomberg that “the ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly,” hinting that it wouldn’t be a quick one to implement.

However, bitcoin withdrawals should be at the top of any service provider’s priority list for the simple fact that without such a feature, users aren’t taking part in the Bitcoin network at all. Indeed, running a node is the best-case scenario, but using a self-custody wallet is the bare minimum  not your keys, not your coins.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Estimating This Cycle’s Bitcoin Price Top
Read More

Estimating This Cycle’s Bitcoin Price Top

The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.As the bull cycle carries on, everyone wants price predictions and a better understanding of when the price may…

Compass Mining Doubles Its Capacity With New Venture In Ontario

Compass Mining, the one-stop-shopping online bitcoin mining and hosting service announced today that it is adding 140 megawatts (MW) to its current 30MW capacity.Compass is partnering with Red Jar Digital Infrastructure to host a new mega facility in Ontario, Canada to provide Compass miners with what the announcement says is “marking the largest amount of power ever allocated for…

HIVE Orders 6,500 Bitcoin Mining Rigs From Canaan

Publish date:Oct 29, 2021This new order follows the two recent purchases of 4,000 and 6,400 Canaan's Avalon miners units in August and January.HIVE Blockchain ordered 6,500 bitcoin mining machines from Chinese maker Canaan.The purchase builds on the two firms' partnership which has sent the Canadian miner over 10,000 machines this year.HIVE expects to reach 2…