Robinhood CEO Vlad Tenev said crypto is a type of asset that will “live” and revealed that more than a million users have signed up for the company’s crypto wallet.
Robinhood CEO Vlad Tenev said more than 1 million people were on Robinhood’s long-awaited digital wallet waiting list.
Speaking to Jim Cramer during CNBC’s Disruptor 50 Summit on Oct. 21, Tenev said he was “very proud” of Robinhood’s advancements in crypto as he highlighted the company’s recent push to procure. The digital wallet allows users to:
“A lot of people ask about the ability to send and receive. cryptocurrencies , transfers to hardware wallets , transfers to other platforms and did you know that There are now more than one million digital wallet waiting lists. which is very exciting.”
“We see an opportunity for that business to continue to grow.” he added
Robinhood users have long been calling for the company to develop crypto wallets. As the platform currently does not support deposits or withdrawals. And it only allows users to buy crypto with US dollars and trade digital assets on the platform.
On September 22, Robinhood finally announced plans to launch a digital asset wallet. and open a waiting list for access to this new feature for the first time. Robinhood representative tell Market Watch last month said the wallet will be launched this month for some users. and will finally be available to all users in early 2022.
During the event, Tenev emphasized the importance of the emerging sector of crypto. by noting that it It “exists as an asset class” and has specific advantages such as able to connect to the global market
“So, did you know that Wherever you are in the world whether in the United States or abroad. You can have a wallet and can send cryptocurrencies. to people from those wallets to their wallets.” he said
Robinhood launched Bitcoin (BTC) and Ether (ETH) trading for the first time in 2018, exclusively to customers located in 5 US states. It has expanded its support for other altcoins such as Dogecoin (DOGE) and Litecoin (LTC), and currently allows all traders except residents of four US states. Access to crypto trading services with no fees.
When Teven was asked if Robinhood would extend its support to Shiba Inu (SHIB), the CEO suggested it was unlikely anytime soon when he referred to the company’s strict registration policy.
“We currently only support seven coins. And I think it has to be safety first. So we won’t be the first to add new assets, we have to make sure it meets strict criteria.”
Speaking of the company’s vision, Tenev argued that Robinhood offers more comprehensive financial services than its competitors. As he insisted it was a no-fee trading. “Change the industry”
“I think when you look at cryptocurrencies People still have to pay a 3%, 4% fee to access that market and you see a lot of opportunities to serve less money customers. And it’s a group of people who are less fortunate than the people we have now,” he said.