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 -2.04% Dogecoin / USD DOGEUSD $ 0.17
$0.00-2.04% Volume 2 b Change $0.00 Open $0.17 Circulating 132.41 b Market Cap 22.14 b 4 d Terra Stablecoin Supply Surges by $5B In Under A Month, Bitcoin in Macro’s Clutches, SHIB Added to Balance Sheet 1 w DOGE Pumps on Elon Musk’s Enquiry to Binance, CZ Strikes Back 2 w Brave’s Self-custody Built-in Crypto Wallet to Give 42 Million Users Access to DApps for EMV-compatible Chains

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 -1.14% Bitcoin / USD BTCUSD $ 48,499.88
-$552.90-1.14% Volume 35.6 b Change -$552.90 Open $48,499.88 Circulating 18.89 m Market Cap 916.31 b 49 min “Extreme Fear” in Crypto As The Market Weakens on Monday on Expectations of “Aggressive Tightening” 1 d Bitcoin A Smart Hedge For Investors, says Chairman of $100 Billion Starwood Capital Group 1 d Bitcoin Miners HODLing: Marathon Mines 53% Less BTC in Nov., Hut 8 Producing Each BTC at A Cost of $3k ETH -2.29% Ethereum / USD ETHUSD $ 4,062.70
-$93.04-2.29% Volume 23.54 b Change -$93.04 Open $4,062.70 Circulating 118.63 m Market Cap 481.96 b 49 min “Extreme Fear” in Crypto As The Market Weakens on Monday on Expectations of “Aggressive Tightening” 2 d Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019 2 d Coinbase Cloud wanting to be the “AWS of Crypto,” Amasses $30 Billion in Staked Assets

“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.”