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Robinhood Crypto Wallet Waitlist Records 1 Million Users

Robinhood crypto wallet waitlist records over 1 million people according to CEO Vlad Tenev

More so, Tenev talks more while Speaking to Jim Cramer during CNBC’s Disruptor 50 summit on Oct. 21. He is very “proud” of Robinhood progress in crypto. Also, he goes on to note the firm’s recent push to provide a crypto wallet for its users.

“A lot of people have been asking us for the ability to send and receive cryptocurrencies,..”
“transfer them to hardware wallets, transfer them onto the platform to consolidate…”
And you know, the crypto wallets waitlist is well over a million people now, which is very exciting.”

“We see an opportunity to continue growing that business,”

Then, he concludes.

Recall, Robinhood users urges the company to develop a crypto wallet. Especially as the platform does not support deposits or withdrawals. Notably, It only allows users to buy crypto with U.S. dollars and trade digital assets on the platform.

As at Sept. 22, Robinhood announces its plans to roll out a digital asset wallet. Thereby, opening up a waitlist for first access to the new feature. According to a Robinhood representative, the wallet will debut this month for some users. Then, it will open up to all users in early 2022.

Furthermore, Robinhood CEO Tenev talks more on the importance of the growing crypto sector. Then, noting that it’s “here to stay as an asset class”
Also, it possesses distinct advantages like being connecting a global market.

“So, you know, regardless of where you are in the world whether you’re in the U.S…”
“or overseas, you can have a wallet, you can send people…”
“cryptocurrencies from that wallet to their wallet.,”
Robinhood CEO Tenev says.

Robinhood History Bits

Historically, Robinhood first launched Bitcoin (BTC) and Ether (ETH) trading in 2018. This is for customers in five U.S. states.
Progressively, Robinhood goes on to expand its altcoin support to assets like Dogecoin (DOGE) and Litecoin (LTC). Currently, it permits traders in all but four U.S. states to access its commission-free crypto trading services.

More so, Teven adds that its unlikely for the company to show support for SHIB anytime soon.

“We only offer seven coins currently. And I think it goes back to safety first, right…”
“So we’re not generally going to be the first to add any new asset…”
“We want to make sure that it goes through a stringent set of criteria,”

Consequently, Tenev argues while speaking on the firm’s vision that Robinhood offers a greater chance for financial inclusion. He makes comparisons with its competitors, saying its commission-free trading structure brings a change in the industry.

“I think that, you look at cryptocurrencies, for instance, people are…”
“still paying 3%, 4% fees to access that market…”
“You see a lot of opportunities to serve more customers that have even less money,..”
“who are even more underserved than the people we have now,”

Lastly, He concludes.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.