Robinhood and thousands of new users
Robin Hood CEO Vlad Tenev said cryptocurrency as an asset category is right here to remain and published that extra than a million customers have signed up for the company's crypto wallet queue.
More than 1 million human beings are on the ready list for Robinhood's long-awaited digital wallet in accordance to CEO Vlad Tenev
Speaking to Jim Cramer at some stage in CNBC's Disruptor 50 Summit on October 21, Teneff noted that he is very "proud" of Robinhood's growth in the crypto space, highlighting the company's recent push to supply a crypto wallet for its users:
“A lot of humans have requested us to be able to send and acquire cryptocurrencies, pass them to hardware wallets, and cross them to the platform for integration. As you know, the waiting list for crypto wallets is over a million humans now, which is very exciting.”
"We see an probability to proceed developing this business," he added.
Robinhood users have been urging the organization to improve a crypto pockets as the platform presently does no longer aid deposits or withdrawals, and solely allows customers to purchase cryptocurrencies with US dollars and change digital belongings on the platform.
On September 22, Robinhood subsequently announced its plans to launch a digital asset wallet, opening a waiting listing for first get right of entry to to the new feature. A Robinhood consultant told Market Watch last month that the wallet will debut this month for some users, and will subsequently open to all customers in early 2022.
During the event, Tenev emphasised the significance of the emerging crypto sector, stating that it is “here to stay as an asset class” and has exact advantages such as the capacity to connect to the international market.
“So, you know, no count the place you are in the world whether or not you are in the US or abroad, you can have a wallet, you can send cryptocurrency to human beings from that wallet to their wallet.”
Bitcoin buying and selling launch
Robinhood first launched Bitcoin and Ethereum (ETH) trading in 2018 for consumers in five US states. Robinhood has in view that expanded its assist for cryptocurrencies to belongings such as Dogecoin (DOGE) and Litecoin (LTC), and presently allows traders located in all however 4 of the US states to get entry to its commission-free cryptocurrency trading services.
When asked if Robinhood would extend its help for SHIB, the CEO indicated that it is unlikely any time quickly as he referred to the company's stringent list policy.
“We are solely presenting seven currencies at the moment. And I suppose it comes down to safety first, right. So we will commonly no longer be the first to add any new asset. We desire to make certain it passes a strict set of standards.”
Speaking about the company's vision, Tenev said Robinhood presents a higher opportunity for monetary inclusion than its competitors, as he emphasised that its commission-free trading structure is "non-industry".
“I assume you seem to be at cryptocurrencies, for example, humans still pay 3% and 4% fees to get into this market. You see a lot of possibilities to serve greater clients who have much less money, who are underserved than the human beings we have now.”
