Robinhood’s Cryptocurrency Wallet Waitlist Grows Over 1 Million, says CEO

The waitlist for Robinhood’s crypto wallet has garnered more than one million customers, said the CEO Vlad Tenev during CNBC’s Disruptor 50 summit.

“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” said Tenev at the event.

“We rolled out our wallets waitlist. A lot of people have been asking for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate and the crypto wallets waitlist is well over a million people now.”

The zero-commission trading app first announced that it was testing a crypto wallet feature last month. The wallet will allow users to send and receive crypto assets and move them in and out of the app.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev said. “There’s certain advantages that are in the technology that make it kind of global and accessible by default and that makes it very interesting.”

Currently, Robinhood only offers seven cryptocurrencies, but more than half of its transaction-based revenue came from crypto, up from a mere 3% the year prior. And much of this crypto revenue was accounted for by a single meme coin, Dogecoin. DOGE 3.24% Dogecoin / USD DOGEUSD $ 0.09
$0.003.24% Volume 571.22 m Change $0.00 Open $0.09 Circulating 132.67 b Market Cap 11.5 b 4 mon Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 4 mon Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 5 mon DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch

This week, the crypto market enjoyed an onslaught of bulls as Bitcoin hit a new all-time high at $67,000 and Ether nearly hit its own at $4,380. The total crypto market cap also went on to hit a new high of almost $2.8 trillion. BTC 3.38% Bitcoin / USD BTCUSD $ 30,195.88
$1,020.623.38% Volume 33.92 b Change $1,020.62 Open $30,195.88 Circulating 19.04 m Market Cap 575.07 b 4 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH 3.51% Ethereum / USD ETHUSD $ 2,022.36
$70.983.51% Volume 17.86 b Change $70.98 Open $2,022.36 Circulating 120.85 m Market Cap 244.4 b 4 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 4 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 4 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022

“Crypto is certainly here to stay as an asset class and the ease of use and the global nature of it, I think, has made it attractive to lots of people.”