Stock Forecast: Robinhood’s Crypto Wallet Waitlist Tops 1 Million Signups

Robinhood and Cryptocurrencies photo illustrations, Krakow, Poland - 29 Jun 2021
Jakub Porzycki / NurPhoto / Shutterstock.com

One month following Robinhood’s announcement that it would launch its own crypto wallet, the waitlist has topped 1 million customers, CEO Vlad Tenev said.

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“We’re very proud of our cryptocurrency platform and giving people more utility with the coins they have,” Tenev, speaking at CNBC’s Disruptor 50 summit last week, said. “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.”

Last month, joining rivals Coinbase and Gemini, Robinhood announced it would start testing crypto wallets with select customers and opened up a waitlist.

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“We just hit 1 million people on the wallets waitlist. We’re hard at work… stay tuned,” Robinhood tweeted.

Robinhood says the crypto wallets enable customers to move crypto in and out of the app in a few taps. “Send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. This means you can consolidate your coins into one account so it’s easier to track your portfolio, move supported coins into your Robinhood account so you can trade those coins commission-free, and more,” the company said in a blog post last month.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev told CNBC. “There’s certain advantages that are in the technology that make it kind of global and accessible by default and that makes it very interesting.”

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Robinhood’s stock was down 2.0% this morning. However, the company reports its quarterly earnings tomorrow.

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Last updated: October 25, 2021

About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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