Robinhood’s Cryptocurrency Wallet Waitlist Grows Over 1 Million, says CEO
“Crypto is certainly here to stay as an asset class, and the ease of use and the global nature of it has made it attractive to lots of people,” said Vlad Tenev.
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
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“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.”