Robinhood: over a million users want to try Crypto Wallet

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Robinhood has a waiting list for its cryptocurrency wallet which now stands at over one million customers, CNBC reported.

CEO Vlad Tenev told CNBC that the development has shown the importance of crypto.

“We take great pride in our cryptocurrency platform and giving people more utility with the coins they have,” Tenev said, according to the report. “We have deployed our portfolio waiting list. Many people have asked for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them to the platform for consolidation, and the waitlist for cryptocurrency wallets. now has over a million people.

It comes after the news that Robinhood was testing a crypto wallet feature, allowing investors to trade, send and receive digital currencies, moving them in and out of the Robinhood app, according to the report.

Tenev said users can “have a wallet, you can send cryptocurrencies to people from that wallet to their wallet,” as well as access “certain benefits,” the report said.

The wallets will allow customers to combine their digital coins into a single account, allowing them to trade, send and receive cryptocurrencies to and from other wallet addresses, according to the report.

Robinhood offers several digital coins, including Bitcoin, Ethereum, and Litecoin.

Robinhood has “apparently staked everything” on crypto, according to a previous report from PYMNTS.

Read more: Robinhood pulls new growth arrow from its quiver and launches into crypto wallets

The crypto wallet is a way to do business without having to convert holdings into fiat currencies. The features have also been linked to a beta version of the company’s iPhone app.

By boarding the wallets, Robinhood could jump from regulatory pan into regulatory fire. The Securities and Exchange Commission (SEC) is already reviewing the controversial practice known as payment for order flow, in which brokers receive compensation for routing trades to a particular market maker.

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