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Your email address will not be published.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
Miami Mayor To Take His Entire Salary In Bitcoin
Read More

Miami Mayor To Take His Entire Salary In Bitcoin

The mayor of Miami will be taking his entire salary in bitcoin."I feel very comfortable getting my entire salary in bitcoin," he said in an interview.Government spending and "manipulated central bank currency systems" drove him to make the bold move.Miami Mayor Francis Suarez will be taking his entire salary in bitcoin, he said in an…

NYDIG Acquires Bitcoin Payments App Bottlepay

The institutional Bitcoin services company bought the European Lightning Network payments app for an undisclosed amount.NYDIG has acquired Lightning Network payments app Bottlepay to integrate the Bitcoin second-layer to its platform."We believe that the next chapter of Bitcoin will be about Bitcoin – big B – the network," NYDIG said.The financial terms of the deal…

Mastercard Launches Bitcoin Payment Cards In Asia Pacific

Consumers and businesses in the Asia Pacific region can now apply for bitcoin-linked Mastercard credit, debit, and prepaid cards.The card giant partnered with cryptocurrency service providers Amber, Bitkub, and CoinJar to enable customers to pay for regular purchases with BTC.On the backend, cryptocurrency in the user’s account is instantly converted into fiat currency to allow…

Fedspeak: Thoughts On The Latest FOMC Press Conference

Jerome Powell, everyone’s favorite, unelected, talking piece of coral that presides over the Federal Reserve took to the stage November 3 in order to spew his typical “Fedspeak.” An important note before we begin. The Federal Reserve is creating new policies because they cannot be trusted. Two officials were caught in a scandal for their…