Robinhood Opens Crypto Wallet for 2M Users: Adoption Focus at Bitcoin Conference 2022

As the Bitcoin 2022 conference continues into its second day, the announcements made on the first day are already making headlines. The “Industry Day” initiated with events geared toward firms and individuals working within the Bitcoin industry, but soon witnessed major statements regarding Bitcoin adoption. Here is an overview of the most important revelations. 

Strike integrates with Shopify to Accelerate Bitcoin’s Lightning Network Adoption

Payment firm Strike has integrated with e-commerce giant Shopify in a bid to allow merchants to accept Bitcoin transactions using the Lightning Network, CEO Jack Mallers announced. The Lightning Network is a layer 2 payment protocol on the Bitcoin network that makes transactions faster and cheaper.

In an accompanying press release, Strike said eligible US Shopify merchants would now be able to diversify their existing payment options and accept Bitcoin payments using the Lightning Network. In a comment, Mallers said: 

“We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology. The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”

Shopify is among the 20 largest e-commerce companies in the world with approximately $4.6 billion in annual revenue. With this new integration, customers would be able to pay in Bitcoin across Shopify’s almost two million global merchants using a Lightning Network-enabled wallet like CashApp. 

Honduras Prospera to Adopt Bitcoin as Legal Tender

Honduras Prospera, a special economic zone on a tourist-centric island on Honduras’ Caribbean coast, has revealed that it would adopt Bitcoin as legal tender. The economic zone will also allow entities to issue bitcoin bonds within its jurisdiction.

 In a press release, the Prospera ZEDE noted that other cryptocurrencies aside from Bitcoin will also operate as legal tender within its jurisdiction. “Próspera’s flexible regulatory framework enables crypto-innovation and the use of Bitcoin by residents, businesses, and governments,” it said. 

Moreover, Próspera said it will provide local communities with direct exposure to the growing cryptocurrency market by allowing municipalities and local governments to issue Bitcoin Bonds. Próspera added that non-US companies and other political subdivisions from around the world can also issue Bitcoin Bonds through its innovative regulatory system.

Bitcoin is currently legal tender in El Salvador, a neighboring country to the economic zone. Nayib Bukele, President of El Salvador, also announced its plans to adopt Bitcoin as legal tender last year during the Bitcoin conference. 

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Robinhood’s Crypto Wallet to Expand Access for 2 Million Users

Brokerage firm Robinhood remains one of the most popular stock trading apps among millennial investors. The broker has now activated its crypto wallet for 2 million “eligible” customers, Chief Product Officer Aparna Chennapragada made the announcement Thursday during the event. 

Robinhood first unveiled its crypto wallet, which makes digital asset transfers possible, in September last year. At the time, the company shared a waiting list and asked interested users to sign up. Earlier this year, the brokerage firm announced the Beta version of its crypto WenWallets, allowing 1,000 customers to transfer their digital assets. 

In an accompanying announcement, Robinhood claimed there won’t be a withdrawal fee for those transferring their crypto off Robinhood. Citing local regulations, the platform also said its crypto wallet is not currently available in the states of Hawaii, Nevada, and New York. 

Moreover, the brokerage firm said they are working on adding the Bitcoin Lightning Network integration, which would allow customers to make transactions in seconds and for pennies. Vlad Tenev, CEO and Co-Founder of Robinhood, commented:

“Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning network.”

Meanwhile, despite all the positive news surrounding Bitcoin adoption, the flagship cryptocurrency has not registered any gains. At the time of writing, Bitcoin is trading around $43,300, down by less than 1% over the past 24 hours. The broader crypto market is also largely flat, with major altcoins being down by around 1%. 

Do you think 2022 will be the year for mainstream Bitcoin adoption? Let us know in the comments below.