The waiting list for the Robinhood crypto wallet reaches 1 million people

More than a million people are on the waiting list for the long-awaited Robinhood crypto wallet, according to CEO Vlad Tenev

Speaking to Jim Cramer at CNBC’s Disruptor 50 Summit on October 21 Tenev stated that he was very “proud” of Robinhood’s advances in cryptocurrencyas it highlighted the company’s recent push to bring a crypto wallet to its users:

Many people have asked us about the possibility of sending and receiving cryptocurrencies, transferring them to hardware wallets, transferring them to the platform to consolidate them. And you know, the cryptocurrency wallet waiting list is already over a million people, which is very exciting.

“We see an opportunity to further expand this business”, he added.

The waiting list for the Robinhood crypto wallet reaches 1 million people
The waiting list for the Robinhood crypto wallet reaches 1 million people

Robinhood users have long asked the company to develop a crypto wallet since The platform does not currently support deposits or withdrawals and only allows users to purchase cryptocurrencies using US dollars and trade digital assets on the platform.

September 22, Robinhood finally announced its plans to introduce a digital asset wallet and opened a waiting list for first access to the new feature. A Robinhood representative told Market Watch last month that The wallet will be launched for some users this month and will finally open to all users in early 2022.

During the event, Tenev emphasized the importance of the emerging cryptocurrency sector, and indicates that “it will persist as an asset class” and that it has specific advantages, such as the ability to connect a global market.

“So you know No matter where you are in the world, whether in the United States or abroad, you can have a wallet, you can send cryptocurrencies to people from that wallet, “he said..

Robinhood started trading Bitcoin (BTC) and Ether (ETH) for the first time in 2018 for customers in five US states. Since then, Robinhood has expanded its altcoin support to assets like Dogecoin (DOGE) and Litecoin (LTC)., and currently allows merchants based in every state but four of the United States to access their cryptocurrency trading services with no commissions.

When Teven was asked if Robinhood would expand support for Shiba Inu (SHIB), the CEO thought it was unlikely in the short you quoted the company’s strict listing policy.

We currently only offer seven currencies. And I think that’s because safety comes first. So in general we won’t be the first to add new assets. We want to make sure that it meets strict criteria, â ????

Talk about the company’s vision Tenev argued that Robinhood offered a greater opportunity for financial inclusion than its competitors because its commission-free trading structure “changed the industry”..

“I think if you look at cryptocurrencies, for example, People keep paying 3%, 4% commissions for accessing this market. You see many opportunities to serve more customers who have even less money, who are even more underserved than the people we have now. “, called.

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