Over a million customers are on the waitlist for Robinhood’s much-anticipated cryptocurrency wallet, Chief Executive Officer Vlad Tenev said Friday.
Tenev revealed to Jim Cramer on October 21 during CNBC’s Disruptor 50 Summit that he was “proud” of Robinhood’s success in crypto, highlighting the company’s recent push to equip its users with a digital currency wallet.
“Many people have asked us to enable the option to transmit and receive cryptocurrencies, transfer them to hardware wallets, and consolidate them on the platform,” he said.
Growing calls for Robinhood crypto wallet
“And, as you may know, the waitlist for crypto wallets has grown to well over a million individuals, which is quite exciting… we see a chance to continue developing the company,” he said.
Users have long asked Robinhood to develop a crypto wallet, as the platform presently does not handle deposits or withdrawals and only allows users to purchase crypto using U.S. dollars and trade digital assets on the platform.
On September 22, Robinhood finally announced its plans to launch a digital asset wallet and created a queue for early access.
Serving the growing crypto sector
Last month, a Robinhood official stated that the wallet will be available to a limited number of users this month and will eventually be available to all consumers early next year.
Tenev stressed the importance of the burgeoning crypto sector during the event, noting that it is “here to stay as an asset class” and offers unique benefits such as the ability to connect a worldwide market.
In 2018, Robinhood began offering Bitcoin and Ethereum trading to customers in five U.S. states.
Since then, Robinhood has expanded its cryptocurrency support to include Dogecoin and Litecoin, and now lets traders in all but four states access its commission-free crypto trading services.
Image courtesy of Cointelegraph News/YouTube