The commission-free investing app of Robinhood recently revealed that it’s putting up its cryptocurrency wallet. This has evidently delighted its users as the waiting list for the soon-to-be-released service has grown to over a million customers.
Crypto wallet space
Robinhood CEO Vlad Tenev announced on Thursday during CNBC’s Disruptor 50 summit as he said that they’re proud of their cryptocurrency platform as they provide people with more utility with the coins that they own. The CEO also stated that they’ve already rolled out their so-called “wallets waitlist.”
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He highlighted that a lot from the cryptocurrency community has been requesting to have them launch a service that would provide them with the ability to receive and send digital currencies like bitcoin (BTC). This alongside other features like the ability to transfer them to hardware wallets.
Crypto wallet in Limbo
Back in September, Robinhood made it known that it is testing a crypto wallet feature that would enable its users to trade, receive, and send cryptocurrencies. The upcoming service is also said to allow Robinhood users to move in and out of the app. As of late, the app is offering seven digital currencies which include bitcoin, litecoin (LTC), and ethereum (ETH).
Further, Tenev stated that users can have a wallet that would enable them to send cryptocurrencies “from that wallet to their wallet.” The CEO added that there are certain advantages that are within the technology that, according to him, render it kind of global and be accessed by default. With that in mind, Tenev believes that it makes the service “very interesting.”
It is without a doubt that Robinhood has ramped up its new users at a high rate over the previous years. During the second quarter, it was reported that the net cumulative funded accounts have more than doubled as it reached 22.5 million year over year.
However, it is worth noting that the platform may well seem to go head-to-head with PayPal. For the uninitiated, PayPal recently rolled out the latest iteration of their app. This is said to come with bills payment, shopping tools, and even financial services, and yes, they too have a cryptocurrency feature.
Robinhood is making itself known in both financial and cryptocurrency spaces. The app has recently launched a 24/7 phone support as it provides investing and educational content. The app even launched this so-called IPO Access that enables users to invest in newly listed companies at their IPO addresses.