Robinhood Is Working Fast on A ‘Wallet’ Feature; CEO says Might Add New Coins Too

Zero-commission broker Robinhood has plans for growth in the crypto industry as it works on expanding the capabilities of its crypto trading services.

Vlad Tenev, Robinhood CEO, said in a “fireside chat” posted on YouTube that the online brokerage is currently making sure that the “wallet” feature is safe before introducing it.

“As much as people are bugging me on that on social media, I’m bugging our crypto team and our software engineers. We’re going to try and get that done as fast as possible.”

Tenev also said they even “might add some new coins along the way,” but emphasized, “deposits and withdrawals is much bigger lift than adding incremental coins.”

Currently, Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC) are the only supported crypto assets.

While replying to selected questions from customers, he also shared that the company is growing its crypto team “hugely” this year.

“We want to make a huge investment,” said Vlad adding, they have also been hiring a “ton” of people for its crypto operation as a priority.

Late last month, Robinhood reported that 6 million new users signed up for its crypto services in just a month and a half. Its crypto trading platform also saw an average of about 200,000 new customers traded per month in 2020. Active women crypto traders have grown 7x on the platform as well.

“The business has just been going through exponential growth, we really hit an inflection point this year.”

On the question of acquiring Coinbase’s market share, he shared that while the crypto platform is doing “very very well,” the top priority is making sure the service is stable and reliable.

He further said that they might not be doing a “great of a job communicating to customers” of just how cost-effective its offering is, as trading on Coinbase and smaller outfits involves “paying 1%, 2%, even more,” Tenev said.

Popular among the retail, Robinhood onboarded millions to new investors in the past year and is expected to go public soon.

Robinhood recently hired Aparna Chennapragada as its first chief product officer, who has spent over a decade at Google leading product, engineering, and design teams.

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