Vlad Tenev (the CEO of Robinhood) stated that there are up to 1M people on the waitlist of the company’s long-expected crypto wallet. In Disruptor 50 Summit of CNBC held on 21st October while talking to Jim Cramer, Tenev expressed to be pleased with the progress made by Robinhood in cryptocurrency, as he described the recent push of the company to provide its consumers with a crypto wallet. He added that many people have been inquiring about the capability of the firm to receive and send cryptos, transact them for consolidation onto the venue, and transact them to the hardware wallets. He also specified that it is very exciting to have above 1 million depositors on the waitlist of the respective wallets of the firm.
He moved on to state that a chance of continuous expedition in the business is expected soon. The consumers of Robinhood have for a long period encouraged the platform to construct a wallet for crypto because it presently does not have support for withdrawals or deposits and permits the customers to purchase crypto via U.S. dollars along with trading virtual assets through the platform. On 22nd September, Robinhood conclusively declared its intentions to introduce a wallet for digital assets and developed a waitlist of those who would initially get the availability of the latest feature.
In the recent month, Market Watch was told by a representative from the company that in the current month, the wallet will be debuted and opened to the entirety of the clients during the initial phase of 2022. In the event, he focused on the significance of the rising crypto sector, which is here to exist in the form of asset class holding particular benefits like the ability to draw a linkage in the global market. In 2018, Ether (ETH) and Bitcoin (BTC) were firstly launched for trading by Robinhood for the consumers living in five states of the U.S.
Since then, Robinhood has stretched out its altcoin compatibility for the assets like Litecon (LTC) and Dogecoin (DOGE) and presently permits it to the entirety of the traders nevertheless provides commission-free trading services of cryptocurrency to just those from four U.S. states. While discussing the expansion of support for SHIB (Shiba Inu), he disclosed that it was unlikely at present because of the strict listing policy of the firm.