Home Latest10News Robinhood CEO Vlad Tenev claims crypto wallet waitlist tops 1 million prospects

Robinhood CEO Vlad Tenev claims crypto wallet waitlist tops 1 million prospects


The waitlist for Robinhood’s not too long ago declared crypto wallet now has far more than a person million prospects, the company’s CEO mentioned Thursday, demonstrating cryptocurrencies’ increasing significance to the investing application.

“We’re quite happy of our cryptocurrency system and giving people far more utility with the cash they have,” Robinhood CEO Vlad Tenev reported through CNBC’s Disruptor 50 summit on Thursday. “We rolled out our wallets waitlist. A great deal of persons have been asking for the potential to deliver and acquire cryptocurrencies, transfer them to hardware wallets, transfer them on to the platform to consolidate and the crypo wallets waitlist is perfectly over a million folks now.”

Final month, Robinhood announced it was testing a crypto wallet characteristic. The wallet will permit traders to trade, send out and obtain digital currencies, as well as move them in and out of the Robinhood app. Robinhood at present offers seven electronic coins, which include bitcoin, ethereum and litecoin.

“You can have a wallet, you can send out people today cryptocurrencies from that wallet to their wallet,” Tenev explained. “There’s specific rewards that are in the engineering that make it kind of global and obtainable by default and that helps make it pretty interesting.”

Vlad Tenev, co-founder and CEO of Robinhood rings the opening bell at the Nasdaq on July 29th, 2021.

Supply: The Nasdaq

The start out-up debuted cryptocurrency trading a few yrs in the past, but it has come to be additional crucial to the company’s leading line. More than half of Robinhood’s transaction-centered revenue very last quarter arrived from cryptocurrency buying and selling. That jumped from just 3% a calendar year before.

The new wallets will allow consumers consolidate their electronic coins into a person account. Clients can then trade, send and get cryptocurrencies to and from other wallet addresses. Rivals Coinbase and Gemini already offer this aspect.

Bitcoin hit an all-time substantial on Wednesday, topping $66,900 as buyers turn into extra fascinated in electronic belongings. JPMorgan explained Thursday it thinks bitcoin’s cost is climbing simply because traders see it as a superior hedge for inflation than gold.

Other traders attributed the report large to the Tuesday launch of the ProShares Bitcoin Approach ETF, which tracks bitcoin futures contracts pegged to the potential selling price of the cryptocurrency. 

“Crypto is surely below to stay as an asset course and the ease of use and the world mother nature of it, I consider, has designed it beautiful to tons of people today,” Tenev included.

Robinhood reports quarterly results on Tuesday after the bell. The company warned buyers that trading activity was slowing in the 3rd quarter, which could hit the brokerage’s top rated line.

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