Robinhood Crypto Wallet Waitlist Hits 1 Million People


The Robinhood crypto wallet will support trading, storing, and sending cryptocurrencies. More than 1 million people want access to the new functionality of the asset retail platform.

Last month, the Robinhood platform announced that it was preparing to launch its own cryptocurrency wallet and opened a pre-record. More than a million people have already entered the waiting list for registration. This was announced by the CEO of Robinhood Markets Vlad Tenev in an interview with CNBC. According to him, the increased interest in the wallet confirms the growing importance of the trading application.

You asked, we did

“We are proud of our cryptocurrency platform and we are making sure that people get more value from their coins,” Tenev added, speaking at the CNBC Disruptor 50 Summit. “We have opened a waiting list for our wallet. Many have asked us to add the ability to send and receive cryptocurrencies, transfer them to hardware wallets and from wallets to the platform. Now more than a million people have already registered in it.”

In the wallet, it will be possible to trade cryptocurrency, send and receive it, as well as move it to the Robinhood app trading platform. There are currently seven digital coins available in the Robinhood mobile app: bitcoin (BTC), ethereum (ETH), litecoin (LTC), ethereum classic (ETC), dogecoin (DOGE), bitcoin SV (BSV) bitcoin cash and (BCH).

Earlier, the editorial staff of BeInCrypto reported that Shiba Inu fans have collected more than 280 thousand signatures for a petition to launch SHIB on the Robinhood platform. However, Vlad Tenev declined to comment on the company's plans to add new coins.

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The new wallets will allow customers to consolidate all of their digital coins into one account. From here they will be able to trade them, send, and receive from other addresses. The main competitors of the platform - Coinbase and Gemini - already have such a feature. Coinbase is giving away Bored Ape Yacht Club NFTs to their wallet owners.

“Cryptocurrencies are definitely not going anywhere as an asset class. They are global and easy to use, people like it, ”added Tenev.

Profitable business

The startup added support for cryptocurrencies three years ago, but now they bring it a significant share of the profits. According to the latest Robinhood's second-quarter report, more than half of the revenue generated from transaction processing is related to cryptocurrency. Last year the share of this segment in revenue did not exceed 3%.

Robinhood will release its quarterly report on Tuesday, after the close of trading. However, the company has already warned investors that trading activity has declined in the third quarter. It is possible that this influenced the bottom line of Robinhood.

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