Home News Robinhood crypto wallet waitlist hits 1 million people

Robinhood crypto wallet waitlist hits 1 million people

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More than a million users of the online broker Robinhood have joined the waiting list of the crypto wallet being developed. The CEO and co-founder of the company Vlad Tenev stated this at the Disruptor 50 CNBC summit.

The company started to test a cryptocurrency wallet in September. According to the developers, it will resemble browsers for Web 3.0. Thus, the deployment of the feature for all clients is scheduled to be completed in 2022.

Wallets will provide users with the opportunity to trade, send and receive cryptocurrencies inside the application. At the moment, users can only buy and sell digital assets for fiat.

The ease of use and global nature

“We will allow them to extract additional value from the coins at their disposal. You will have the opportunity to send cryptocurrencies from your wallet to their wallet. The technology has advantages that make it global and accessible by default. Digital assets have undoubtedly established themselves as an asset class. The ease of use and global nature have made them attractive to many,” Tenev said.

Crypto wallets assume the presence of security features such as identity verification, email and phone, as well as multi-factor authentication.

In 2018, Robinhood began trading Bitcoin (BTC) and Ethereum (ETH) for customers in five U.S. states. Since then, Robinhood has expanded its altcoin support to include assets such as Dogecoin (DOGE) and Litecoin (LTC), and traders in all but four U.S. states can now access its commission-free crypto trading services.

Robinhood’s future development

Earlier, CEO Robinhood called cryptocurrencies the basis of Robinhood’s future development.

Jason Warnick, the company’s Chief Financial Officer, also noted the important role of digital assets in the development of an online broker. According to him, Robinhood is considering launching a number of new products, including cryptocurrency lending and crypto savings accounts.

Recall that the share of digital asset trading in the company’s revenue in the second quarter increased to 41% ($233 million) from 17% ($88 million) in January-March. The company will present its financial results for July-September following the results of the auction on October 22.

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