Robinhood CEO: We’ll Offer a Crypto Wallet ‘As Fast Because Possible’

Within briefRobinhood CEO Vlad Tenev wants to launch a crypto wallet for the trading system.
Yesterday, he said he is “bugging” his team to make this wallet as fast as possible.
Robinhood CEO Vlad Tenev mentioned the online brokerage company is certainly working on a crypto pocket feature “as fast since possible”, he revealed in the ‘fireside chat’ posted online yesterday. “As much since people are bugging me upon that on social media, I am bugging our crypto group and our software engineers, ” Tenev said, adding, “We’re going to try and get that will done as fast as possible. ”
Yet that’s not all the Robinhood CEO revealed in the dialogue; he also suggested that will its forthcoming crypto finances may be accompanied by new cryptocurrencies joining the platform. “We’ll find, ” he added. “We might add some new cash along the way. ”
Tenev’s enthusiasm to embrace the crypto industry makes sense, given that the particular trading platform had—by Feb 25—already added 6 mil new users to the crypto app in 2021. The Robinhood Crypto application gives customers the opportunity to purchase and sell Bitcoin, Ethereum, and other cryptocurrencies.

However , like PayPal, Robinhood doesn’t let users exchange their crypto holdings straight into and out of their accounts. According to the Robinhood website, system is “considering these functions in the future, ” and will upgrade customers as soon as possible; presumably, the full-fledged crypto wallet might add this functionality towards the platform.
It’s not all already been plain sailing for Robinhood in recent months.

Robinhood’s central information is that it is a trading system dedicated to decentralizing finance. Nevertheless , in January of this yr, Robinhood froze trades associated with GameStop stock ($GME) right after it shot up in worth following a concerted effort by now-famous WallStreetBets Reddit team.
To crypto advocates, the truth that Robinhood could unilaterally power down trading of a particular share seemed to illustrate all the complications of centralized platforms. “Robinhood just delisted $GME, $AMC and $NOK. This is a few clown shit, ” mentioned CoinShares chief strategy official Meltem Demirors at the time, whilst Barstool Sports president Jesse Portnoy didn’t pull their punches. “Either Robinhood enables free trading like there is a saying they do or they perish. It’s really that simple, ” he tweeted.
Robinhood eventually lifted restrictions around $GME trading, and explained it imposed them simply because this didn’t have enough cash available to meet its regulatory specifications. Tenev will no doubt be wishing that the launch of Robinhood’s fully-featured cryptocurrency wallet may appease the crypto faithful—and more importantly, get them using the investing platform.