The announcement for Robinhood’s upcoming cryptocurrency wallet has been gaining significant attention. Popular enough to attract more than one million customers to sign up for the waitlist.
We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have.
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 crypo wallets waitlist is well over a million people now.
Vlad Tenev, CEO of Robinhood
Tenev remarked that the technology offers interesting advantages that allow for a better accessibility and global reach.
In the previous month, Robinhood revealed that it was testing out a crypto wallet feature. This feature would enable investors to trade, send and receive cryptocurrencies, in addition to moving digital currencies in and out of its app. There are currently seven cryptocurrencies available on the platform, including Bitcoin, Ether and Litecoin.
The wallets in question is said to allow clients to consolidate their digital coins into a single account, as well as trading, sending and receiving them to and from other wallet addresses — a feature that other rivals such as Coinbase and Gemini have.
Robinhood made its crypto trading debut three years ago, which ended up becoming the golden goose of the company. Crypto trading accounted for more than 50% of Robinhood’s transaction-based revenue in the last quarter.