Barely one month after announcing its intention to roll out a digital wallet, Robinhood’s waitlist has exceeded one million customers. Robinhood CEO Vlad Tenev stated this during CNBC’s Disruptor 50 summit on Thursday.
“We rolled out our wallets waitlist. A lot of people have been asking for the ability to send and receive cryptocurrencies, transfer them to hardware wallets, transfer them onto the platform to consolidate and the crypto wallets waitlist is well over a million people now,” he said.
As we previously reported, Robinhood had in September announced it was pilot testing a digital wallet. The wallet will allow investors on the platform to pull their coins into one place and trade with them.
With one million on the waitlist in just a month, it is clear that the announcement was well received by the public. This is not surprising since investors on the platform had requested the feature long before the announcement. Before Robinhood’s announcement, major competitors, Gemini and Coinbase already offered the same feature.
Digital wallets or not, crypto assets are here to stay
Truly, crypto assets have become very important to investors. Apart from the mainstream assets, many are now investing in digital assets as a part of a diverse portfolio. Robinhood itself has benefited tremendously from this surge in interest.
Despite just launching its crypto trading services in 2018, it has become the firm’s major source of revenue. Robinhood’s second-quarter report showed that up to 50% of its revenue was from crypto-related transactions. Interesting that the meme coin, dogecoin, accounted for 62% of that figure. The report also indicated that new users were opting for crypto trading over stock trading.
On this, Tenev had this to say:
“Crypto is certainly here to stay as an asset class and the ease of use and the global nature of it, I think, has made it attractive to lots of people.”
Robinhood is expected to announce its third-quarter report on October 26.
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