Over a million people are on the waiting list for Robinhood’s long-awaited crypto wallet, according to its CEO, Vlad Tenev
Speaking to Jim Cramer during CNBC’s Disruptor 50 summit on October 21, Tenev stated that he was very “proud” of Robinhood’s progress when it comes to cryptocurrencies, as it highlighted the firm’s recent push to provide a crypto wallet for its users:
“Many people have been asking us for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them to the platform to consolidate them. And you know, the waiting list for cryptocurrency wallets is now over a million people, which is very exciting. “
“We see an opportunity to continue growing that business”he added.
Robinhood users have long urged the company to develop a crypto wallet, as the platform does not currently support deposits or withdrawals, and only allows users to buy cryptocurrencies with US dollars and trade digital assets on the platform.
September 22, Robinhood finally announced its plans to launch a digital asset wallet, and opened a waiting list for the first access to the new feature.. A Robinhood representative told Market Watch last month that the wallet will debut this month for some users, and it will finally open to all users in early 2022.
During the event, Tenev emphasized the importance of the emerging cryptocurrency sector, noting that “it is here to stay as an asset class” and that it has specific advantages such as being able to connect a global market.
“So you already know, Regardless of 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 first launched Bitcoin (BTC) and Ether (ETH) trading in 2018 for clients in five US states. Since then, Robinhood has expanded its altcoin support to assets such as Dogecoin (DOGE) and Litecoin (LTC)., and currently allows traders based in every state in the United States except four to access its cryptocurrency trading services without commissions.
When Teven was asked if Robinhood would expand support for Shiba Inu (SHIB), the CEO suggested it was unlikely in the short term., as he cited the firm’s strict listing policy.
“We currently only offer seven coins. And I think this is because safety comes first. So generally, we are not going to be the first to add any new assets. We want to make sure that it passes through a series of strict criteria, “
Speaking about the firm’s vision, Tenev argued that Robinhood offers a greater opportunity for financial inclusion than its competitors, as it claimed that its commission-free trading structure “changed the industry”.
“I think if you look at cryptocurrencies, for example, people continue to pay commissions of 3%, 4% to access that market. You see a lot of opportunities to serve more customers who have even less money, who are even more underserved than the people we have now. “, said.